Explanatory note

Regulation 41 of the National Savings Bank Regulations 1972 makes provision in respect of inheritance tax (and its predecessor taxes) chargeable on the death of a depositor.Before any payment or transfer of any of the deposits in the National Savings Bank standing to the credit of such a depositor may be made regulation 41 requires the production of a statement from the Commissioners of the Inland Revenue that such tax is not payable in respect of the deposits or has been paid where the aggregate value of the deceased’s deposits and certain other assets of the deceased exceeds £25,000.These Regulations increase that amount to £50,000.