Overview
As well as providing a means to complete an IHT400 form, Troika will also filter your data into an IHT205 form.
Setting up the IHT205 estate
To add a new estate, from the Wealth Management module, select the Client tab and the menu option Estates - Add. Answering a couple of initial questions on the estate will identify whether it is likely the estate will require either the IHT400 or IHT205 form.
Where the outcome is the IHT205, from the Wealth Management module, select the Client tab and the menu option Estate Details – Edit, navigate to the ‘Deceased Details’ tab. Click the 'Questions' box to answer questions specific to the IHT205.
This replaces the previous need to complete Load Data subsections IHT205_Q1, IHT205_Q2 and IHT205_Q3.
In addition, having your estate marked as an IHT205 will also allow new ‘Questions’ tabs to appear in subsections IHT404_1 and IHT405_8, allowing for the different treatment of property between the IHT400 and IHT205.
In the event property has already been added into the IHT404_1 and IHT405_8 subsections, these questions will be available to answer by editing the asset from the menu option Load Data:
IHT404_1
IHT405_8
Generating the IHT205 form
Once all financial data has been entered into Load Data for the estate, you can run either an IHT400 or and IHT205 and both will populate correctly, using the same information held within Troika.
From the Wealth Management module, select the Client tab and the menu option IHT & Other Tax Forms, or Estate Details – Edit, and the Forms tab.
Both the IHT400 and IHT205 forms will be available for selection/use.
Once the form has been run, and on exiting, you must save your changes.
Update: Deaths on or after 1 January 2022
For information on the changes to reporting estate information and the changes to the excepted estates conditions from 1 January 2022, go to www.gov.uk/inheritance-tax.
These notes are confirmed to be applicable from Troika release 2.09.012.