Regulation 17 Inheritance tax chargeable on holder’s death
Where, on the death of the holder of any certificate (not being acertificate in respect of which it is shown to the satisfaction of theDirector of Savings that the deceased holder had no interest thereinotherwise than as a trustee), the aggregate value of the specifiedassets (hereinafter defined) exceeds £25,000, the Director ofSavings shall, before making any payment in respect of, or transferring,the certificate, require the production of a statement from theCommissioners of Inland Revenue to the effect either that no inheritanceor capital transfer tax, being inheritance or capital transfer taxchargeable on the death of such holder, is payable in respect of thecertificate or that any inheritance or capital transfer tax, beinginheritance or capital transfer tax chargeable on the death of suchholder, so payable has been paid:
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Provided that the production of such a statement shall not berequired—
- (a)
where the payment or transfer is made to or as directed by:
- (i)
the deceased holder’s legal personal representative acting underprobate or letters of administration granted by any court in the UnitedKingdom, or
- (ii)
the Public Trustee, the Official Receiver, or the trustee inbankruptcy of the estate of the deceased holder; or
- (i)
- (b)
where the deceased holder was at the time of his death domiciled inthe Isle of Man or the Channel Islands; or
- (c)
where the beneficial interest in the certificate in question haspassed to the spouse of the deceased holder in circumstances in whichinheritance or capital transfer tax is not chargeable.
- (a)
In this regulation the expression“the specified assets” means the following assets (not being assets in respect of which itis shown to the satisfaction of the Director of Savings that thedeceased holder had no interest otherwise than as atrustee)—
the total amount which would have been repayable (if repaymenthad been demanded) at the date of the death of the holder in respect ofall certificates recorded in his name alone or in his name jointly withany other person;
the total amount (including interest) which, at the date of thedeath of the holder, stands to the credit of all accounts in his namealone, or in his name jointly with any other person, in the NationalSavings Bank;
all stock and securities registered on the National Savings StockRegister at the date of the death of the holder in his name alone or inhis name jointly with any other person;
any amount repayable and any other sum payable in respect of allpremium savings bonds recorded in the holder’s name;
the total amount (including any bonus or interest) which would havebeen repayable (if repayment had been demanded) at the date of the deathof the holder in respect of all savings contracts entered into by himand registered by the Director of Savings under a contractual savingsscheme certified by the Treasury in accordance with section 326(2) ofthe Income and Corporation Taxes Act 1988f1;
the total amount (including interest) which would have beenrepayable (if repayment had been demanded) at the date of the death ofthe holder in respect of all agreements entered into or certificatesheld by the holder in accordance with the Savings Certificates (YearlyPlan) Regulations 1984f2.
For the purposes of this regulation, the value of the stock andsecurities referred to in paragraph (2)(c) of this regulation shallbe—
in the case of stock which is of a description corresponding tostock 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
in all other cases, the total amount (including interest and anyother sum payable) which would have been repayable (if repayment hadbeen demanded) at the date of the death of the holder.