# The Inheritance Tax (Delivery of Accounts) (Excepted Settlements) Regulations 2002, Regulation 3: Excepted settlement


(1) An excepted settlement means a settlement in which no qualifying interest in possession subsists on an occasion of a chargeable event on or after 6th April 2002 in a case where—
(a) cash is the only property comprised in the settlement;
(b) after making the settlement, the settlor provided no further property which became comprised in the settlement;
(c) the trustees of the settlement are resident in the United Kingdom throughout the existence of the settlement;
(d) the gross value of the settled property at the time of the chargeable event does not exceed £1,000; and
(e) there are no related settlements.
(2) For the purposes of paragraph (1) trustees of a settlement shall be regarded as resident in the United Kingdom if the general administration of the settlement is ordinarily carried on in the United Kingdom and the trustees or a majority of them (and, where there is more than one class of trustees, a majority of each class) are for the time being resident in the United Kingdom.

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Source: https://www.legislation.gov.uk/uksi/2002/1732/regulation/3 (the official version)
Page: https://openlegislation.uk/inheritance-tax-delivery-of-accounts-excepted-settlements-regulations-2002/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.