The Inheritance Tax (Delivery of Accounts) (Scotland) Regulations 1995

Made: 7th June 1995

Laid before the House of Commons: 8th June 1995

Coming into force: 1st July 1995

The Commissioners of Inland Revenue, in exercise of the powers conferred onthem by section 256(1)(a) of the Inheritance Tax Act 1984[^f00001], hereby make the following Regulations:

1

• (1) These Regulations may be cited as the Inheritance Tax (Delivery of Accounts)(Scotland) Regulations 1995 and shall come into force on 1st July 1995.

• (2) These Regulations extend to Scotland only.

2

In regulation 3 of the Capital Transfer Tax (Delivery of Accounts) (Scotland)Regulations 1981[^f00002]—

• (a) in paragraph (b) of the definition of “an excepted estate” for “£125,000” there shall be substituted “£145,000”;

• (b) in paragraph (d) of that definition for“1st April 1991” there shall be substituted“6th April 1995”.

Signed

S C T Matheson — G H Bush — Two of the Commissioners of Inland Revenue — 7th June 1995

Explanatory note

(This note is not part of the Regulations)

Regulation 4 of the Capital Transfer Tax (Delivery of Accounts) (Scotland) Regulations1981 (S.I. 1981/881) (“the principal Regulations”) provides that a person is not required to deliver an account of the property comprised in an excepted estate forinheritance tax purposes. (By virtue of section 100 of the Finance Act 1986 (c. 41) capitaltransfer tax is now known as inheritance tax.)

An excepted estate is defined in regulation 3 of the principal Regulations as an estatewhere (subject to various other conditions) the total gross value of the estateof a deceased immediately before his death does not exceed a specified amount. Subsequentamending Regulations have raised that specified amount from time to time.

These Regulations make a further amendment to that specified amount, raising it from£125,000 to £145,000 in respect of deaths on or after 6th April 1995.

Footnotes

[^f00001]: 1984 c. 51. By virtue of section 100(1) and (2) of the Finance Act 1986 (c. 41) on and after 25th July 1986the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984, and any reference in thatAct to capital transfer tax is to have effect as a reference to inheritance tax, except where the referencerelates to a liability arising before 25th July 1986.

[^f00002]: S.I. 1981/881, amended by S.I. 1983/1040, 1987/1128, 1989/1079, 1990/1111 and 1991/1249.