In most cases yes this is the bare minimun:
<!DOCTYPE HTML>
<html>
<head>
<meta charset="utf-8">
<title>Untitled Document</title>
<style>
html,body{height:100%;margin:0;padding:0}
.wrap{
min-height:100%;
max-width:960px;
margin:auto;
background:red;
}
</style>
</head>
<body>
<div class="wrap">100%</div>
</body>
</html>
There are cases where setting 100% on html and body could have strange effects and that would be when applying backgrounds to both html and body and then you would get html background at 100% only and the body background below the fold. In most cases you should avoid setting styles on html anyway, apart from height:100% and resetting margin and padding.This is because the body is special and when you apply a background to the body it is automatically propagated to the html element anyway and thus solves any overflow problem.
Actually many so called experts do not understand this properly either It took me a while to get my head around it.