Discharge of trustees and property from tax
This section has no associated Explanatory Memorandum
5.—(1) Paragraph (2) shall apply to an excepted settlement within regulation 4(2).
(2) The trustees of the settlement shall, on the expiration of the period of six months beginning with the date of the chargeable event, be discharged from any claim for tax on the occasion of the chargeable event and attributable to the value of the property comprised in the excepted settlement and any Inland Revenue charge for that tax shall then be extinguished unless, within that period, the Commissioners issue a notice requiring an account of that property.
(3) This regulation is subject to regulation 6.