The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2002
These Regulations replace the Capital Transfer Tax (Delivery of Accounts (No. 2) Regulations 1981 (S.I. 1981/1440) with only drafting amendments. The Regulations dispense with the need to deliver an account of lifetime transfers where the total value of an individual’s transfers made in any one year does not exceed £10,000, and where his cumulative total does not exceed £40,000. The Regulations have effect in relation to lifetime transfers made on or after 1st April 1981.