# The Trustee Savings Banks Regulations 1972, Regulation 19: Death duties


(1) Where on the death of a depositor the aggregate value of the specified assets (hereinafter defined) exceeds £3,000, the trustees shall, before making any payment or transfer of a sum standing to the credit of such depositor either alone or jointly with any other depositor whose name was added to the account at the request of the deceased depositor (not being a sum in respect of which it is shown to the satisfaction of the trustees that the deceased depositor had no interest therein otherwise than as a trustee), require the production of a statement from the Commissioners of Inland Revenue to the effect either that no death duties are payable in respect of that sum or that any death duties so payable have been paid:
Provided that the production of such a statement shall not be required—
(a) where the payment or transfer is made to or as directed by the legal personal representative of the deceased depositor, or
(b) where the deceased depositor was at the time of his death domiciled in Northern Ireland, the Isle of Man or the Channel Islands.
(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 trustees that the deceased depositor had no interest therein otherwise than as a trustee):—
(a) the total amount (including interest) which, at the date of the death of the depositor, stands to the credit of all accounts in the trustee savings bank in his name alone or in his name jointly with any other person,
(b) all stock and securities registered in the name of the deceased depositor alone or in his name and the name of any other person as joint holders on the portion of the National Savings Stock Register kept by the trustees of the trustee savings bank, and
(c) 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 depositor in respect of all savings contracts entered into by him and registered by the trustees of the trustee savings bank 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 purposes of this Regulation, the value of the stock and securities referred to in paragraph (2)(b) above shall be—
(a) in the case of Defence Bonds, National Development Bonds, British Savings Bonds and any other securities which can be held only on the National Savings Stock Register, the nominal capital amount thereof; and
(b) in all other cases, the market value thereof at the date of the death of the depositor.

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Source: https://www.legislation.gov.uk/uksi/1972/583/regulation/19 (the official version)
Page: https://openlegislation.uk/trustee-savings-banks-regulations-1972/regulation-19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.