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

S.I. 2003/1658 · Made 25 June 2003

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INHERITANCE TAX

Made 25th June 2003

Laid before the House of Commons 30th June 2003

Coming into force 1st 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 f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1984 c. 51. By virtue of section 100(1) and (2) of the Finance Act 1986 (c. 41), on and after 25th July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984, and any reference in that Act to capital transfer tax is to have effect as a reference to inheritance tax, except where the reference relates to a liability to tax arising before 25th July 1986.

Contents

  1. 1Citation, commencement, and effect
  2. 2Amendment to the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002
  3. Signature
  4. Explanatory note

1Citation, commencement, and effect

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.

2Amendment to the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002

In regulation 3(2)(e) of the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 f1, for “£220,000” substitute “£240,000”.

Signature

Nick Montagu

Helen Ghosh

Two of the Commissioners of Inland Revenue

25th June 2003

Explanatory note

(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.