Search Legislation

Finance Act 1975

Status:

This is the original version (as it was originally enacted).

Accounts by persons liable for tax

2(1)Subject to the following provisions of this paragraph, the personal representatives of a deceased person and every person who—

(a)is liable as transferor for tax on the value transferred by a chargeable transfer, or would be so liable if tax were chargeable on that value, or

(b)is liable as trustee of a settlement for tax on the value transferred by a transfer of value made after 26th March 1974, or would be so liable if tax were chargeable on that value;

shall deliver to the Board an account specifying to the best of his knowledge and belief all relevant property and the value of that property.

(2)Where the account is to be delivered by personal representatives (but not where it is to be delivered by a person who is an executor of the deceased only in respect of settled land in England and Wales) the relevant property is all property which formed part of the deceased's estate immediately before his death; but—

(a)if the personal representatives, after making the fullest enquiries that are reasonably practicable in the circumstances, are unable to ascertain the exact value of any particular property, their account shall in the first instance be sufficient as regards that property if it contains a statement to that effect, a provisional estimate of the value of the property and an undertaking to deliver a further account of it as soon as its value is ascertained ; and

(b)the Board may from time to time give such general or special directions as they think fit for restricting the property to be specified in pursuance of this sub-paragraph by any class of personal representatives.

(3)Where sub-paragraph (2) above does not apply the relevant property is any property to the value of which the tax is or would be attributable.

(4)Except in the case of an account to be delivered by personal representatives, a person shall not be required to deliver an account under this paragraph with respect to any property if a full and proper account of that property, specifying its value, has already been delivered to the Board by some other person who is or would be liable for the tax attributable to the value of the property, unless that other person is or would be liable with him jointly as trustee.

(5)An account under the preceding provisions of this paragraph shall be delivered—

(a)in the case of an account to be delivered by personal representatives, before the expiration of the period of twelve months from the end of the month in which the death occurs, or, if it expires later, the period of three months beginning with the date on which the personal representatives first act as such ; and

(b)in the case of an account to be delivered by any other person, before the expiration of the period of twelve months from the end of the month in which the transfer is made or, if it expires later, the period of three months beginning with the date on which he first becomes liable for tax.

(6)In the case of a transfer of value made more than six months before the passing of this Act, sub-paragraph (5)(b) above shall have effect with the substitution of a reference to the period of six months from the passing of this Act for the reference to a period of twelve months.

(7)A person liable for tax under section 32 or 34 of this Act or under paragraph 2 of Schedule 9 to this Act shall deliver an account under this paragraph before the expiration of the period of six months from the end of the month in which the event by reason of which the tax is chargeable occurs.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources