Regulation 2 Interpretation

In these Regulations—

• “the Board” means the Commissioners of Inland Revenue;

• “the 1984 Act” means the Inheritance Tax Act 1984;

• “an excepted estate” has the meaning given in regulation 4;

• “IHT threshold” means the lower limit shown in the Table in Schedule 1 of the 1984 Act applicable to—

  1. (a)

     chargeable transfers made in the year before that in which a person’s death occurred if—

     1. (i)

        that person died on or after 6th April and before 6th August, and

     2. (ii)

        an application for a grant of representation or, in Scotland, an application for confirmation, is made before 6th August in that year; or

  2. (b)

     chargeable transfers made in the year in which a person’s death occurred in any other case,

  and for this purpose “year” means a period of twelve months ending with 5th April;

• “the prescribed period” in relation to any person is the period beginning with that person’s death and ending—

  1. (a)

     in England, Wales and Northern Ireland, 35 days after the making of the first grant of representation in respect of that person (not being a grant limited in duration, in respect of property or to any special purpose); or

  2. (b)

     in Scotland, 60 days after the date on which confirmation to that person’s estate was first issued;

• “spouse and charity transfer” has the meaning given in regulation 5;

• “value” means value for the purpose of tax.