IHTM10473 - Reduced account: what supplementary pages may be left out
All questions on pages 4 and 5 of the IHT400 must be answered in all cases. If any of questions 29, 30, 31,36, 44,or 45 are answered 鈥榊es鈥�, the relevant Schedule must be completed.
If any of the other questions are answered 鈥榊es鈥� the relevant supplementary page does not need to be completed if all the property concerned passes to an exempt beneficiary.
But this does mean that where a percentage or fractional share of residue is left to an exempt beneficiary a full account must still be delivered as all the assets should be divided between the residuary beneficiaries. On the other hand if the Will bequeaths a nil-rate band legacy to chargeable beneficiaries with the residue left to an exempt beneficiary, a reduced account may be delivered for the assets that devolve upon the exempt beneficiary.