Assets Publishing Service Gov UkgovernmentIHT35Claim for Reliefloss on Sale of Shares GOV UK 2022-2026

What is the IHT35 form?

The IHT35 form, also known as the Claim for Relief on Sale of Shares, is a specific form used in the context of inheritance tax in the United Kingdom. It allows individuals to claim relief on the sale of shares that may have been subject to inheritance tax. This form is particularly relevant for individuals who have sold shares that were part of an estate and are seeking to recover some of the tax paid on those shares. Understanding the purpose of the IHT35 form is essential for ensuring compliance with tax regulations and optimizing tax liabilities.

Key elements of the IHT35 form

The IHT35 form includes several key elements that are crucial for completing the application accurately. These elements typically include:

• Personal Information: Details about the individual making the claim, including name, address, and contact information.
• Share Details: Information regarding the shares sold, including the number of shares, sale price, and date of sale.
• Tax Information: A summary of the inheritance tax paid on the shares, including any relevant calculations.
• Supporting Documentation: Any necessary documents that support the claim, such as sale agreements or tax payment receipts.

Steps to complete the IHT35 form

Completing the IHT35 form involves several important steps to ensure accuracy and compliance. Here is a simplified process:

1. Gather all necessary documentation related to the sale of shares and inheritance tax.
2. Fill out the personal information section accurately.
3. Provide detailed information about the shares sold, including sale dates and amounts.
4. Calculate the inheritance tax paid and include this information in the appropriate section.
5. Attach any supporting documents required to substantiate the claim.
6. Review the completed form for accuracy before submission.

Eligibility Criteria for the IHT35 form

To be eligible to use the IHT35 form, individuals must meet certain criteria. Generally, the following conditions apply:

• The individual must have sold shares that were part of an estate subject to inheritance tax.
• The claim must be made within the specified time frame following the sale of the shares.
• The individual must have paid inheritance tax on the shares sold.

Form Submission Methods

The IHT35 form can be submitted through various methods, depending on the preferences of the individual. Common submission methods include:

• Online Submission: Many individuals prefer to submit forms electronically through the relevant tax authority's website, ensuring faster processing.
• Mail Submission: The form can also be printed and mailed to the appropriate tax office, though this method may take longer for processing.
• In-Person Submission: In some cases, individuals may choose to submit the form in person at designated tax offices.

Filing Deadlines / Important Dates

Filing deadlines for the IHT35 form are critical to ensure compliance and avoid penalties. Typically, the form should be submitted within a specific period following the sale of shares. It is important to check the latest guidelines from the tax authority for exact dates, as these may vary based on individual circumstances or changes in tax regulations.