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IHTM10804 | Accountability: when is an account not required?

From HM Revenue & Customs · Inheritance Tax Manual

The Board of HMRC may make regulations dispensing with the delivery of accounts, . At present accounts are not required for

  • excepted estates ()

  • excepted transfers ()

  • excepted terminations ().

In addition the formal rules may be relaxed in some circumstances for

  • lifetime transfers (IHTM10503)

  • a qualifying interest in possession (IHTM10505).

The other situation where there is no requirement for an accountable person to deliver an account is where a full and proper account of the property has already been delivered by someone else who

  • is or would be liable for the tax attributable to the value of the property, and

  • is not or would not be liable with the accountable person as trustee, .

This rule does not apply in the case of an account to be delivered by the personal representatives.