# The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2014, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2004 (S.I. 2004/2543) (“the principal Regulations”).
Regulation 2 amends regulation 4 of the principal Regulations in connection with amendments made to the Inheritance Tax 1984 (“the 1984 Act”) by section 176 of and Schedule 36 to the Finance Act 2013. Those amendments restrict the liabilities that may be taken into account for the purposes of determining the value of a person’s estate for the purposes of the 1984 Act.
Paragraph (2) of regulation 2 amends paragraph (3)(f) of regulation 4 of the principal Regulations by providing that the expression “total liabilities of the estate” is subject to new paragraph (7B).
Paragraph (3) of regulation 2 inserts new paragraph (7B) into regulation 4 of the principal Regulations.
Sub-paragraphs (a) and (b) of the new paragraph (7B) provide that the total liabilities of the estate for the purpose of paragraph (3)(f) of regulation 4 of the principal Regulations do not include liabilities of the estate to the extent that they are not discharged as mentioned in section 175A(1)(a) of the 1984 Act, or are prevented from being taken into account as mentioned in section 175A(1)(b) of the 1984 Act.
Sub-paragraph (c) of the new paragraph (7B) provides that the total liabilities of the estate for the purpose of paragraph (3)(f) of regulation 4 of the principal Regulations do not include liabilities that are attributable to financing excluded property as mentioned in section 162A(1)(a) or (b), or section 162A(5), of the 1984 Act.
A Tax Information and Impact Note has not been prepared for this Instrument as it contains no substantive changes to tax policy.

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Source: https://www.legislation.gov.uk/uksi/2014/488/note (the official version)
Page: https://openlegislation.uk/inheritance-tax-delivery-of-accounts-excepted-estates-amendment-regulations-2014/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.