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When you should complete this form聽

You must fill in form D33 if both of the following apply:聽

• there were debts owed to the trust or transferor at the date of the event聽聽

• the value of the debts is part of the transfer you鈥檙e telling us about聽聽

If they were owed money from more than one source, you should fill in a separate form for each debt.聽聽

You only need to complete questions 3 and 4 if the money owed was either a:聽

• director鈥檚 loan account聽

• current account with a company or other business聽聽

If the loan was still outstanding at the date of the event聽

You should tell us the value of the loan still outstanding.聽聽

You should also include any interest still outstanding at the date of the transfer if the transferor passed the benefit of a debt to the transferee or forgave a loan. Do not include the outstanding interest if the transferor retained the right to receive it. 聽

If you think the full amount of the outstanding loan should not be included, you must:聽

• explain why you鈥檝e reduced the value聽

• tell us what the reduced value is聽

• show how the value has been worked out聽

If the person transferring the debt passes it on or forgives a loan, you should include any interest owed at the transfer date (unless they kept the right to receive the interest).聽

If the debt owned by a discretionary trust is forgiven, you should follow the instructions for proportionate charges (also known as 鈥榚xit charges鈥�).聽聽

A proportionate charge is based on the value of relevant property that鈥檚 no longer held on discretionary trusts. In this case, you should not include interest owed on the debt at the date of the transfer because it鈥檚 not considered part of the property.

Evidence to prove the existence of the loan聽

If you鈥檝e answered 鈥榶es鈥� to question 6 you must tell us what evidence there is and include a copy with this form. For example, this could be a:聽

• mortgage deed to show that the loan was secured on a property聽

• letter between the trustees and the person borrowing the money聽

If there鈥檚 no evidence, you should give brief details of the terms of loan. For example, the period of the loan and if it was repayable on demand.聽聽

If the loan is linked to any insurance or insurance related product you must include a copy of the policy with this form.聽聽

If interest was charged on the loan聽

You must tell us:聽

• what interest rate was charged聽

• the period interest was charged over聽聽

• how often interest was paid to the lenders聽

If any capital was repaid before the date of the event聽

You must tell us how much capital was repaid and when.聽聽

You must also tell us if money was actually repaid to the trustees or if the repayment was the trustees writing off some of the debt. If the trustees wrote off some or all of the debt, you must attach a copy of the deed of release.

What happens next

You should use the figures in this schedule to help you fill in the IHT100 series form.

You must send this form alongside the completed IHT100 series form. Make sure you include copies of any documents we鈥檝e asked for.

Get help聽

You should聽contact the Inheritance Tax helpline聽if you need help completing this form.