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Form IOV1 is designed to take you through all the conditions that need to be satisfied in order for an Instrument of Variation (IoV) to meet the conditions of IHTA84/S142.  It also highlights matters that may require further investigation or referral before you can accept that the IoV is effective for IHT purposes.  You will need to complete the form whether or not you have the authority to accept that the document meets the conditions in IHTA84/S142.  »Ê¹ÚÌåÓýapp form should be kept on the file for future reference.

»Ê¹ÚÌåÓýapp matters covered on form IOV1 are listed below with links to more detailed guidance on each point.

• »Ê¹ÚÌåÓýapp IoV must be dated within two years of the death. (IHTM35032)
• »Ê¹ÚÌåÓýapp IoV must be signed by all the persons whose interest is affected. (IHTM35041)Ìý
• »Ê¹ÚÌåÓýappre must be a valid election (IHTM35051) if executed before 1 August 2002 or a statement of intent (IHTM35028) if executed on or after that date.
• »Ê¹ÚÌåÓýapp IoV must contain a Stamp Duty exemption certificate if the instrument of variation alters the destination of stock, shares or marketable securities and the IoV acts as the form of share transfer (IHTM35060)
• »Ê¹ÚÌåÓýapp IoV may only vary certain parts of the deceased’s estate. (IHTM35071)
• »Ê¹ÚÌåÓýapp interests varied must not have been varied before. (IHTM35081)
• »Ê¹ÚÌåÓýapp IHT implications of property redirected to the surviving spouse or civil partner (IHTM11032) (IHTM35091) need to be considered.
• »Ê¹ÚÌåÓýappre must be no property brought in from outside the estate to compensate the original beneficiary. (IHTM35100)
• »Ê¹ÚÌåÓýapp IoV may affect the tax or valuation requirements in another estate. (IHTM35110)
• »Ê¹ÚÌåÓýapp IHT implications of property redirected to charity (IHTM35121) need to be considered.
• »Ê¹ÚÌåÓýapp IHT implications of any trust created by the IoV (IHTM35131) need to be considered.