Regulation 42 Death duties or capital transfer tax chargeable on the death of the holder of any stock

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg.42(1) amended by National Savings Stock Register 1993 reg.2
reg. 42 amended by National Savings Stock Register 1982
reg. 42(1)(b) words substituted by Government Stock (Consequential and Transitional Provision) 2004 Sch. para. 22(5)
reg. 42(3)(a) words substituted by Government Stock (Consequential and Transitional Provision) 2004 Sch. para. 22(5)
reg. 42(1)(c) words inserted by Civil Partnership Act 2004 (Amendments to Subordinate Legislation) 2005 art. 2(16) Sch. 16 para. 9(3)
reg. 42(1)(b) words substituted by National Savings Stock Register 2012 reg. 21(a)
reg. 42(3)(b) words substituted by National Savings Stock Register 2012 reg. 21(b)

(1)

Where on the death of the holder of any stock (not being stock in respect of which it is shown to the satisfaction of the Director of Savings that the deceased holder had no interest therein otherwise than as a trustee), the aggregate value of the specified assets (hereinafter defined) exceeds £5,000, the Director of Savings shall, before making a payment in respect of the stock or registering it in the name of another person, require the production of a statement from the Commissioners of Inland Revenue to the effect either that no death duties or capital transfer tax, being capital transfer tax chargeable on the death of such holder, are payable in respect of the stock or that any death duties or capital transfer tax, being capital transfer tax chargeable on the death of such holder, so payable have been paid:

Provided that the production of such a statement shall not be required—

(a)

where the payment is made to or on the directions of, or the stock is registered in the name of any person on the directions of—

(i)

the deceased holder's legal personal representative acting under probate or letters of administration granted by any court in the United Kingdom, or

(ii)

the Public Trustee, the Official Receiver, or the trustee in bankruptcy of the estate of the deceased holder; or

(b)

where the stock in question is not of a description corresponding to stock or securities transferable in the books of the Bank of England, and at the time of the deceased holder's death he was domiciled in, and the certificates or subscription books relating to the stock were situated in, the Isle of Man or the Channel Islands;

(c)

where the beneficial interest in the stock in question has passed to the spouse of the deceased holder in circumstances in which death duties or capital transfer tax are not chargeable.

(2)

In this Regulation the expression “the specified assets” means the following assets (not being assets in respect of which it is shown to the satisfaction of the Director of Savings that the deceased holder had no interest therein otherwise than as a trustee):—

(a)

all stock registered in the register at the date of death of the holder in his name alone or in his name jointly with any other person;

(b)

the total amount (including interest) which, at the date of the death of the holder, stands to the credit of all accounts in his name alone, or in his name jointly with any other person, in the National Savings Bank;

(c)

the total amount which would have been repayable (if repayment had been demanded) at the date of the death of the holder in respect of all savings certificates recorded in his name alone or in his name jointly with any other person;

(d)

any amount repayable and any other sum payable in respect of all premium savings bonds recorded in the holder's name;

(e)

the total amount (including any bonus or interest) which would have been repayable (if repayment had been demanded) at the date of the death of the holder in respect of all savings contracts entered into by him and registered by the Director of Savings under a contractual savings scheme certified by the Treasury in accordance with section 415(2) of the Income and Corporation Taxes Act 1970.

(3)

For the purpose of this Regulation, the value of the stock referred to in paragraph 2(a) of this Regulation shall be—

(a)

in the case of stock which is of a description corresponding to stock or securities transferable in the books of the Bank of England, the market value thereof at the date of the death of the holder; and

(b)

in all other cases, the nominal capital amount thereof.