(1)Except as otherwise provided by this section or by regulations under section 256 below, the personal representatives of a deceased person and every person who—
(a)is liable as transferor for tax on the value transferred by a chargeable transfer, or would be so liable if tax were chargeable on that value, or
(b)is liable as trustee of a settlement for tax on the value transferred by a transfer of value, or would be so liable if tax were chargeable on that value, or
[F1(bb)is liable under section 199(1)(b) above for tax on the value transferred by a potentially exempt transfer which proves to be a chargeable transfer, or would be so liable if tax were chargeable on that value, or
(bc)is liable under section 200(1)(c) above for tax on the value transferred by a chargeable transfer made on death, so far as the tax is attributable to the value of property which, apart from section 102(3) of the Finance Act 1986, would not form part of the deceased’s estate, or would be so liable if tax were chargeable on the value transferred on the death, or]
F2(bca). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F3(bd)is liable under section 201(1)(b), (c) or (d) above for tax on the value transferred by a potentially exempt transfer which is made under section 52 above and which proves to be a chargeable transfer, or would be so liable if tax were chargeable on that value, or]
(c)is liable as trustee of a settlement for tax on an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79), or would be so liable if tax were chargeable on the occasion,
shall deliver to the Board an account specifying to the best of his knowledge and belief all appropriate property and the value of that property.
(2)Where in the case of the estate of a deceased person no grant of representation or confirmation has been obtained in the United Kingdom before the expiration of the period of twelve months from the end of the month in which the death occurred—
(a)every person in whom any of the property forming part of the estate vests (whether beneficially or otherwise) on or at any time after the deceased’s death or who at any such time is beneficially entitled to an interest in possession in any such property, and
(b)where any of the property is at any such time comprised in a settlement and there is no person beneficially entitled to an interest in possession in that property, every person for whose benefit any of that property (or income from it) is applied at any such time,
shall deliver to the Board an account specifying to the best of his knowledge and belief the appropriate property vested in him, in which he has an interest or which (or income from which) is applicable for his benefit and the value of that property.
[F4(3)Subject to subsections (3A) and (3B) below, where an account is to be delivered by personal representatives (but not where it is to be delivered by a person who is an executor of the deceased only in respect of settled land in England and Wales), the appropriate property is—
(a)all property which formed part of the deceased’s estate immediately before his death F5. . . , other than property which would not, apart from section 102(3) of the M1Finance Act 1986, form part of his estate; and
(b)all property to which was attributable the value transferred by any chargeable transfers made by the deceased within seven years of his death.
(3A)If the personal representatives, after making the fullest enquiries that are reasonably practicable in the circumstances, are unable to ascertain the exact value of any particular property, their account shall in the first instance be sufficient as regards that property if it contains—
(a)a statement to that effect;
(b)a provisional estimate of the value of the property; and
(c)an undertaking to deliver a further account of it as soon as its value is ascertained.
(3B)The Board may from time to time give such general or special directions as they think fit for restricting the property to be specified in pursuance of subsection (3) above by any class of personal representatives.]
(4)Where subsection (3) above does not apply the appropriate property is any property to the value of which the tax is or would be attributable F6. . . .
(5)Except in the case of an account to be delivered by personal representatives, a person shall not be required to deliver an account under this section with respect to any property if a full and proper account of the property, specifying its value, has already been delivered to the Board by some other person who—
(a)is or would be liable for the tax attributable to the value of the property, and
(b)is not or would not be liable with him jointly as trustee;
and a person within subsection (2) above shall not be required to deliver an account under that subsection if he or another person within that subsection has satisfied the Board that an account will in due course be delivered by the personal representatives.
(6)An account under the preceding provisions of this section shall be delivered—
(a)in the case of an account to be delivered by personal representatives, before the expiration of the period of twelve months from the end of the month in which the death occurs, or, if it expires later, the period of three months beginning with the date on which the personal representatives first act as such;
[F7(aa)in the case of an account to be delivered by a person within subsection (1)(bb) [F8or (bd)] above, before the expiration of the period of twelve months from the end of the month in which the death of the transferor occurs;
(ab)in the case of an account to be delivered by a person within subsection (1)(bc) above, before the expiration of the period of twelve months from the end of the month in which the death occurs;]
F9(ac). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F10(ad)in the case of an account to be delivered by a person within subsection (1)(c) above, before the expiration of the period of six months from the end of the month in which the occasion concerned occurs;]
(b)in the case of an account to be delivered by a person within subsection (2) above, before the expiration of the period of three months from the time when he first has reason to believe that he is required to deliver an account under that subsection;
(c)in the case of an account to be delivered by any other person, before the expiration of the period of twelve months from the end of the month in which the transfer is made or, if it expires later, the period of three months beginning with the date on which he first becomes liable for tax.
(7)A person liable for tax under section 32 [F11or 32A], 79 [F12or 126] above or under Schedule 5 to this Act shall deliver an account under this section before the expiration of the period of six months from the end of the month in which the event by reason of which the tax is chargeable occurs.
Textual Amendments
F1Finance Act 1986 Sch. 19, para. 29,with effect from 18March 1986.
F2S. 216(1)(bca) omitted (with effect as mentioned in Sch. 16 paras. 85, 106 of the amending Act) by virtue of Finance Act 2011 (c. 11), s. 65, Sch. 16 para. 54(2)
F3Finance Act 1987 (No.2) Sch. 7, para. 4(2),with effect from 17March 1987.
F4S. 216(3)(3A)(3B) substituted for s. 216(3) (27.7.1999 with effect as mentioned in s. 105(2) of the amending Act) by 1999 c. 16, s. 105
F5Words in s. 216(3)(a) omitted (with effect as mentioned in Sch. 16 paras. 85, 106 of the amending Act) by virtue of Finance Act 2011 (c. 11), s. 65, Sch. 16 para. 54(3)
F6Words in s. 216(4) omitted (with effect as mentioned in Sch. 16 paras. 85, 106 of the amending Act) by virtue of Finance Act 2011 (c. 11), s. 65, Sch. 16 para. 54(4)
F7Finance Act 1986 Sch. 19, para. 29(3),with effect from 18March 1986.
F8Finance Act 1987 (No.2) Sch. 7, para. 4(3),with effect from 17March 1987.
F9S. 216(6)(ac) omitted (with effect as mentioned in Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), s. 65, Sch. 16 para. 54(5)
F10S. 216(6)(ad) inserted (with effect in accordance with Sch. 25 para. 5(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 25 para. 5(1)
F11Finance Act 1985 Sch. 26, para. 11,in relation to events occurring after 18March 1985.
F12Words in s. 216(7) substituted (with effect as mentioned in Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), s. 65, Sch. 16 para. 54(6)
Modifications etc. (not altering text)
C1S. 216 excluded (1.8.2002) by S.I. 2002/1733, reg. 4
C2S. 216 excluded (1.8.2002) by S.I. 2002/1731, reg. 3
C3S. 216(6)(ad) applied (with effect in accordance with Sch. 10 para. 9 and with application in accordance with Sch. 10 para. 11(1) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 10 para. 11(2)
C4S. 216(6)(ad) applied (with modifications) (with effect in accordance with s. 30(9)-(12) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 30(16)(17)
Marginal Citations