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United Kingdom Statutory Instruments
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URL: http://www.bailii.org/uk/legis/num_reg/2003/20031658.html

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STATUTORY INSTRUMENTS

2003 No. 1658

INHERITANCE TAX

The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2003

  Made 25th June 2003 
  Laid before the House of Commons 30th June 2003 
  Coming into force 1st August 2003 

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 256(1)(a) of the Inheritance Tax Act 1984 [1], hereby make the following Regulations:

Citation, commencement, and effect
     1. These Regulations may be cited as the Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2003, shall come into force on 1st August 2003, and shall have effect in relation to deaths occurring on or after 6th April 2003.

Amendment to the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002
     2. In regulation 3(2)(e) of the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 [2], for "£220,000" substitute "£240,000".


Nick Montagu

Helen Ghosh
Two of the Commissioners of Inland Revenue

25th June 2003


EXPLANATORY NOTE

(This note is not part of the Regulations)


These Regulations ("the amending Regulations") amend the Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 (S.I. 2002/1733) ("the 2002 Regulations").

Regulation 4 of the 2002 Regulations relieves a person from complying with the requirement in section 216 of the Inheritance Tax Act 1984 (c. 51) to provide the Commissioners of Inland Revenue with an account of the property of a deceased person, if that property constitutes an excepted estate, and unless the Commissioners expressly require an account to be given.

Regulation 3 of the 2002 Regulations defines two categories of excepted estate. The first, with which the amending Regulations are concerned, is defined in regulation 3(2). It includes a requirement, at sub-paragraph (e), that the aggregate of the gross value of the person's estate and the value transferred by any specified transfers (defined in regulation 3(4)) made by that person did not exceed £220,000.

The amending Regulations increase that sum to £240,000.

Notes:

 [1] 1984 c. 51. By virtue of section 100(1) and (2) of the Finance Act 1986 (c. 41), on and after 25th July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984, and any reference in that Act to capital transfer tax is to have effect as a reference to inheritance tax, except where the reference relates to a liability to tax arising before 25th July 1986.back

[2] S.I. 2002/1733.back


ISBN 0 11 046669 1


 
© Crown copyright 2003
Prepared 2 July 2003

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URL: http://www.bailii.org/uk/legis/num_reg/2003/20031658.html