diff --git a/Help/policy/CMP0040.rst b/Help/policy/CMP0040.rst
index b6777efaea..7d7bec0a90 100644
--- a/Help/policy/CMP0040.rst
+++ b/Help/policy/CMP0040.rst
@@ -1,6 +1,9 @@
 CMP0040
 -------
 
+.. |REMOVED_IN_CMAKE_VERSION| replace:: 4.0
+.. include:: REMOVED_PROLOGUE.txt
+
 The target in the ``TARGET`` signature of :command:`add_custom_command`
 must exist and must be defined in the current directory.
 
@@ -14,7 +17,5 @@ an error if the target referenced in :command:`add_custom_command` is
 unknown or was defined outside the current directory.
 
 .. |INTRODUCED_IN_CMAKE_VERSION| replace:: 3.0
-.. |WARNS_OR_DOES_NOT_WARN| replace:: warns
-.. include:: STANDARD_ADVICE.txt
-
-.. include:: DEPRECATED.txt
+.. |WARNED_OR_DID_NOT_WARN| replace:: warned
+.. include:: REMOVED_EPILOGUE.txt
diff --git a/Source/cmMakefile.cxx b/Source/cmMakefile.cxx
index 94184a6897..0c33902248 100644
--- a/Source/cmMakefile.cxx
+++ b/Source/cmMakefile.cxx
@@ -1066,38 +1066,20 @@ cmTarget* cmMakefile::GetCustomCommandTarget(
   // Find the target to which to add the custom command.
   auto ti = this->Targets.find(realTarget);
   if (ti == this->Targets.end()) {
-    MessageType messageType = MessageType::AUTHOR_WARNING;
-    bool issueMessage = false;
     std::string e;
-    switch (this->GetPolicyStatus(cmPolicies::CMP0040)) {
-      case cmPolicies::WARN:
-        e = cmStrCat(cmPolicies::GetPolicyWarning(cmPolicies::CMP0040), '\n');
-        issueMessage = true;
-        CM_FALLTHROUGH;
-      case cmPolicies::OLD:
-        break;
-      case cmPolicies::NEW:
-        issueMessage = true;
-        messageType = MessageType::FATAL_ERROR;
-        break;
-    }
-
-    if (issueMessage) {
-      if (cmTarget const* t = this->FindTargetToUse(target)) {
-        if (t->IsImported()) {
-          e += cmStrCat("TARGET '", target,
-                        "' is IMPORTED and does not build here.");
-        } else {
-          e += cmStrCat("TARGET '", target,
-                        "' was not created in this directory.");
-        }
+    if (cmTarget const* t = this->FindTargetToUse(target)) {
+      if (t->IsImported()) {
+        e += cmStrCat("TARGET '", target,
+                      "' is IMPORTED and does not build here.");
       } else {
-        e += cmStrCat("No TARGET '", target,
-                      "' has been created in this directory.");
+        e +=
+          cmStrCat("TARGET '", target, "' was not created in this directory.");
       }
-      this->GetCMakeInstance()->IssueMessage(messageType, e, lfbt);
+    } else {
+      e += cmStrCat("No TARGET '", target,
+                    "' has been created in this directory.");
     }
-
+    this->GetCMakeInstance()->IssueMessage(MessageType::FATAL_ERROR, e, lfbt);
     return nullptr;
   }
 
diff --git a/Source/cmPolicies.h b/Source/cmPolicies.h
index 9db0cc3642..8094552504 100644
--- a/Source/cmPolicies.h
+++ b/Source/cmPolicies.h
@@ -125,7 +125,7 @@ class cmMakefile;
   SELECT(POLICY, CMP0040,                                                     \
          "The target in the TARGET signature of add_custom_command() must "   \
          "exist and must be defined in the current directory.",               \
-         3, 0, 0, WARN)                                                       \
+         3, 0, 0, NEW)                                                        \
   SELECT(POLICY, CMP0041,                                                     \
          "Error on relative include with generator expression.", 3, 0, 0,     \
          WARN)                                                                \
diff --git a/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target-result.txt b/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target-result.txt
deleted file mode 100644
index 573541ac97..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target-result.txt
+++ /dev/null
@@ -1 +0,0 @@
-0
diff --git a/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target.cmake b/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target.cmake
index 880b1782dd..f0af0239d3 100644
--- a/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target.cmake
+++ b/Tests/RunCMake/CMP0040/CMP0040-NEW-existing-target.cmake
@@ -1,5 +1,3 @@
-cmake_policy(SET CMP0040 NEW)
-
 add_library(foobar empty.cpp)
 
 add_custom_command(TARGET foobar PRE_BUILD
diff --git a/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target-stderr.txt b/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target-stderr.txt
index 4a1077c7db..d577dc1c1b 100644
--- a/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target-stderr.txt
+++ b/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target-stderr.txt
@@ -1,4 +1,4 @@
-CMake Error at CMP0040-NEW-missing-target.cmake:3 \(add_custom_command\):
-  No TARGET 'foobar' has been created in this directory.
+^CMake Error at CMP0040-NEW-missing-target.cmake:[0-9]+ \(add_custom_command\):
+  No TARGET 'foobar' has been created in this directory\.
 Call Stack \(most recent call first\):
-  CMakeLists.txt:3 \(include\)
+  CMakeLists\.txt:3 \(include\)$
diff --git a/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target.cmake b/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target.cmake
index a9f764cb6b..e3fdbb2a83 100644
--- a/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target.cmake
+++ b/Tests/RunCMake/CMP0040/CMP0040-NEW-missing-target.cmake
@@ -1,5 +1,3 @@
-cmake_policy(SET CMP0040 NEW)
-
 add_custom_command(TARGET foobar PRE_BUILD
   COMMAND ${CMAKE_COMMAND} -E hello world
 )
diff --git a/Tests/RunCMake/CMP0040/CMP0040-OLD-existing-target-stderr.txt b/Tests/RunCMake/CMP0040/CMP0040-OLD-existing-target-stderr.txt
deleted file mode 100644
index f38c03d06c..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-OLD-existing-target-stderr.txt
+++ /dev/null
@@ -1,10 +0,0 @@
-^CMake Deprecation Warning at CMP0040-OLD-existing-target.cmake:1 \(cmake_policy\):
-  The OLD behavior for policy CMP0040 will be removed from a future version
-  of CMake.
-
-  The cmake-policies\(7\) manual explains that the OLD behaviors of all
-  policies are deprecated and that a policy should be set to OLD only under
-  specific short-term circumstances.  Projects should be ported to the NEW
-  behavior and not rely on setting a policy to OLD.
-Call Stack \(most recent call first\):
-  CMakeLists.txt:3 \(include\)$
diff --git a/Tests/RunCMake/CMP0040/CMP0040-OLD-existing-target.cmake b/Tests/RunCMake/CMP0040/CMP0040-OLD-existing-target.cmake
deleted file mode 100644
index 7a9e91e836..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-OLD-existing-target.cmake
+++ /dev/null
@@ -1,7 +0,0 @@
-cmake_policy(SET CMP0040 OLD)
-
-add_library(foobar empty.cpp)
-
-add_custom_command(TARGET foobar PRE_BUILD
-  COMMAND ${CMAKE_COMMAND} -E echo hello world
-)
diff --git a/Tests/RunCMake/CMP0040/CMP0040-OLD-missing-target-stderr.txt b/Tests/RunCMake/CMP0040/CMP0040-OLD-missing-target-stderr.txt
deleted file mode 100644
index 61f4f035db..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-OLD-missing-target-stderr.txt
+++ /dev/null
@@ -1,10 +0,0 @@
-^CMake Deprecation Warning at CMP0040-OLD-missing-target.cmake:1 \(cmake_policy\):
-  The OLD behavior for policy CMP0040 will be removed from a future version
-  of CMake.
-
-  The cmake-policies\(7\) manual explains that the OLD behaviors of all
-  policies are deprecated and that a policy should be set to OLD only under
-  specific short-term circumstances.  Projects should be ported to the NEW
-  behavior and not rely on setting a policy to OLD.
-Call Stack \(most recent call first\):
-  CMakeLists.txt:3 \(include\)$
diff --git a/Tests/RunCMake/CMP0040/CMP0040-OLD-missing-target.cmake b/Tests/RunCMake/CMP0040/CMP0040-OLD-missing-target.cmake
deleted file mode 100644
index 0f5cd1522e..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-OLD-missing-target.cmake
+++ /dev/null
@@ -1,5 +0,0 @@
-cmake_policy(SET CMP0040 OLD)
-
-add_custom_command(TARGET foobar PRE_BUILD
-  COMMAND ${CMAKE_COMMAND} -E echo hello world
-)
diff --git a/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target-result.txt b/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target-result.txt
deleted file mode 100644
index 573541ac97..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target-result.txt
+++ /dev/null
@@ -1 +0,0 @@
-0
diff --git a/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target-stderr.txt b/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target-stderr.txt
deleted file mode 100644
index 70ed05ba1d..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target-stderr.txt
+++ /dev/null
@@ -1,10 +0,0 @@
-CMake Warning \(dev\) at CMP0040-WARN-missing-target.cmake:2 \(add_custom_command\):
-  Policy CMP0040 is not set: The target in the TARGET signature of
-  add_custom_command\(\) must exist and must be defined in the current
-  directory.  Run "cmake --help-policy CMP0040" for policy details.  Use the
-  cmake_policy command to set the policy and suppress this warning.
-+
-  No TARGET 'foobar' has been created in this directory.
-Call Stack \(most recent call first\):
-  CMakeLists.txt:3 \(include\)
-This warning is for project developers.  Use -Wno-dev to suppress it.
diff --git a/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target.cmake b/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target.cmake
deleted file mode 100644
index 4efeaae52c..0000000000
--- a/Tests/RunCMake/CMP0040/CMP0040-WARN-missing-target.cmake
+++ /dev/null
@@ -1,4 +0,0 @@
-
-add_custom_command(TARGET foobar PRE_BUILD
-  COMMAND ${CMAKE_COMMAND} -E hello world
-)
diff --git a/Tests/RunCMake/CMP0040/CMakeLists.txt b/Tests/RunCMake/CMP0040/CMakeLists.txt
index a06591c31f..c814f14935 100644
--- a/Tests/RunCMake/CMP0040/CMakeLists.txt
+++ b/Tests/RunCMake/CMP0040/CMakeLists.txt
@@ -1,3 +1,3 @@
-cmake_minimum_required(VERSION 2.8.12)
+cmake_minimum_required(VERSION 3.10)
 project(${RunCMake_TEST} CXX)
 include(${RunCMake_TEST}.cmake)
diff --git a/Tests/RunCMake/CMP0040/RunCMakeTest.cmake b/Tests/RunCMake/CMP0040/RunCMakeTest.cmake
index e5e6c3759d..b6fd89914f 100644
--- a/Tests/RunCMake/CMP0040/RunCMakeTest.cmake
+++ b/Tests/RunCMake/CMP0040/RunCMakeTest.cmake
@@ -1,9 +1,4 @@
 include(RunCMake)
-set(RunCMake_IGNORE_POLICY_VERSION_DEPRECATION ON)
 
-run_cmake(CMP0040-OLD-missing-target)
 run_cmake(CMP0040-NEW-missing-target)
-run_cmake(CMP0040-WARN-missing-target)
-
-run_cmake(CMP0040-OLD-existing-target)
 run_cmake(CMP0040-NEW-existing-target)