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The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2008

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2.—(1) In these Regulations—

the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

“the 1984 Act” means the Inheritance Tax Act 1984;

“the IHT threshold” means the lower limit shown in the Table in Schedule 1 to the 1984 Act applicable in the year in which the chargeable transfer is made by the transferor;

“the net IHT threshold” means the IHT threshold less the aggregate of the values transferred by all previous chargeable transfers made by the transferor during the seven years preceding the chargeable transfer;

“a specified trust” means one of the following—

(a)

a trust of settled property where a person became beneficially entitled to an interest in possession before 22nd March 2006;

(b)

a trust for a bereaved minor within section 71A(1);

(c)

a trust in which there is an immediate post-death interest within section 49A(2);

(d)

a trust for a disabled person within section 89, a self-settlement within section 89A(3) or a disabled person’s interest within section 89B;

(e)

a trust in which there is a transitional serial interest within sections 49B to 49E(4);

“value” means value for the purpose of tax.

(2) In these Regulations, a reference to a section is a reference to the section of the 1984 Act bearing that number.

(1)

Section 71A was inserted by paragraph 1 of Schedule 20 to the Finance Act 2006 (c. 25).

(2)

Section 49A was inserted by paragraph 5 of Schedule 20 to the Finance Act 2006.

(3)

Sections 89A and 89B were inserted by paragraph 6 of Schedule 20 to the Finance Act 2006.

(4)

Sections 49B to 49E were inserted by paragraph 5 of Schedule 20 to the Finance Act 2006.

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