Regulation 2 InterpretationI1

In these Regulations—

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

• “the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

• “a chargeable event” means an occasion on which tax is chargeable under section 64 (charge at ten-year anniversary), section 65 (charge at other times) or section 71E (charge to tax on property to which section 71D applies)^f1;

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

• “the IHT threshold” means the lower limit shown in the Table in Schedule 1 to the 1984 Act applicable on the occasion of the chargeable event;

• “qualifying interest in possession” has the meaning given in section 59;

• “related settlement” has the meaning given in section 62;

• “settlement” has the meaning given in section 43;

• “settlor” has the meaning given in section 44;

• “trustee” has the meaning given in section 45;

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

In these Regulations, a reference to a section is a reference to the section of the 1984 Act bearing that number.