{
  "url": "https://openlegislation.uk/inheritance-tax-delivery-of-accounts-excepted-transfers-and-excepted-terminations-regulations-2002/regulation-2",
  "json_url": "https://openlegislation.uk/inheritance-tax-delivery-of-accounts-excepted-transfers-and-excepted-terminations-regulations-2002/regulation-2.json",
  "legislation": "uksi/2002/1731",
  "legislation_title": "The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2002",
  "legislation_url": "https://openlegislation.uk/inheritance-tax-delivery-of-accounts-excepted-transfers-and-excepted-terminations-regulations-2002",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "In these Regulations—\n“the Board” means the Commissioners of Inland Revenue;\n“the 1984 Act” means the Inheritance Tax Act 1984;\n“an excepted transfer” means a chargeable transfer made on or after 1st April 1981 which is a disposition by an individual, but not anything that is treated as a disposition for the purposes of inheritance tax, where—\n(a) the value transferred by the chargeable transfer, together with the values transferred by any previous chargeable transfers made by the transferor during the period of twelve months ending with 5th April, does not exceed £10,000; and\n(b) the aggregate of the values transferred by that and all previous chargeable transfers made by the transferor during the ten years preceding the transfer does not exceed £40,000;\n“an excepted termination” means the termination of an interest in possession in settled property where—\n(a) the transferor has, in connection with the termination, given to the trustees of the settlement a notice under section 57(3) of the 1984 Act informing them of the availability of the exemption; and\n(b) the value transferred in consequence of the termination does not exceed the amount of the exemption specified in the notice;\n“value” means value for the purpose of tax.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2002/1731/regulation/2",
    "retrieved_at": "2026-10-29T06:53:26.354210+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}