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Inheritance tax accounts: regulations

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The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations, SI 2011/214, amend the excepted estates regulations, which set out the circumstances in which a person is not required to deliver an inheritance tax account to HMRC of the property comprised in the estate of a deceased person.

They also prescribe for the first time the circumstances in which the personal representatives of an estate benefiting from unused nil rate band – transferred to a surviving spouse or civil partner – may submit an excepted estate return as opposed to having to complete a full IHT account.

Issue: 1064
Categories: News , IHT , Private client taxes