Commentary

I11.212A Excepted estates

IHT, trusts and estates

I11.212A Excepted estates

I11.212A Excepted estates

HMRC, under the powers conferred on them1, have from time to time made regulations to dispense with the delivery of an account in specified circumstances where no IHT is payable. The regulations2 provide that an account need not be delivered of an estate (called an 'excepted estate') where:

  1.  

    •     Either3:

    1.  

      –     the deceased was domiciled in the UK

    2.  

      –     the value of the estate is wholly attributable to property passing under his Will or intestacy, or under a nomination of an asset taking effect on death, or under a single settlement in which he was entitled to an interest in possession in settled property, or by survivorship in a beneficial joint tenancy or, in Scotland, by survivorship in a special destination

    3.  

      –     of that property:

      1.  

        –     not more than £150,000 represented value attributable to property which immediately before the deceased's death was settled property

      2.  

        –     not more than £100,000 represented value attributable to property which immediately before his death was situated outside the UK

    4.  

      –     the deceased died without having made any chargeable transfers during the period of seven years ending with his death other than 'specified transfers' (see below for these) where the aggregate value transferred (disregarding any business or agricultural relief4) did not exceed £150,000

    5.  

      –     the aggregate gross value of his estate and of the value transferred by any specified transfers made by him (disregarding any business or agricultural relief5) and of any 'specified exempt transfers' (see below for these) did not exceed the

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