The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2003

Made25th June 2003

Laid before the House of Commons30th June 2003

Coming into force1st August 2003

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 256(1)(a) of the Inheritance Tax Act 1984 1, hereby make the following Regulations:

Citation, commencement, and effect1

These Regulations may be cited as the Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2003, shall come into force on 1st August 2003, and shall have effect in relation to deaths occurring on or after 6th April 2003.

Amendment to the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 20022

In regulation 3(2)(e) of the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 2, for “£220,000” substitute “£240,000”.

Nick MontaguHelen GhoshTwo of the Commissioners of Inland Revenue25th June 2003

(This note is not part of the Regulations)

These Regulations (“the amending Regulations”) amend the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 (S.I. 2002/1733) (“the 2002 Regulations”).

Regulation 4 of the 2002 Regulations relieves a person from complying with the requirement in section 216 of the Inheritance Tax Act 1984 (c. 51) to provide the Commissioners of Inland Revenue with an account of the property of a deceased person, if that property constitutes an excepted estate, and unless the Commissioners expressly require an account to be given.

Regulation 3 of the 2002 Regulations defines two categories of excepted estate. The first, with which the amending Regulations are concerned, is defined in regulation 3(2). It includes a requirement, at sub-paragraph (e), that the aggregate of the gross value of the person’s estate and the value transferred by any specified transfers (defined in regulation 3(4)) made by that person did not exceed £220,000.

The amending Regulations increase that sum to £240,000.