The Inheritance Tax (Delivery of Accounts) (Scotland) Regulations 1998

• Citation: S.I. 1998/1430
• Sections: 2

Section 1

(1) These Regulations may be cited as the Inheritance Tax (Delivery of Accounts) (Scotland) Regulations 1998, shall come into force on 1st July 1998 and shall have effect in relation to deaths occurring on or after 6th April 1998.

(2) These Regulations extend to Scotland only.

Section 2

In regulation 3 of the Capital Transfer Tax (Delivery of Accounts) (Scotland) Regulations 1981 , for the definition of “an excepted estate” there shall be substituted the following definition—

“an excepted estate” means the estate of a person immediately before his death in a case where—

that person died on or after 6th April 1998, domiciled in the United Kingdom;

the value of that person’s estate is attributable wholly to property passing under his will or intestacy or under a nomination of an asset taking effect on death or by survivorship;

of that property not more than £50,000 represented value attributable to property which, immediately before that person’s death, was situated outside the United Kingdom;

that person died without having made any chargeable transfers during the period of seven years ending with his death other than specified transfers where the aggregate value transferred did not exceed £75,000; and

the aggregate of the gross value of that person’s estate and of the value transferred by any specified transfers made by that person did not exceed £200,000;

and in paragraphs (d) and (e) of this definition “specified transfers” means chargeable transfers made during the period of seven years ending with that person’s death where the value transferred is attributable to cash or to quoted shares or securities;