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04 February 2008
HMRC publishes draft regulations for excepted transfers and excepted settlements
HMRC have published draft regulations for excepted transfers and excepted settlements that will greatly reduce the occasions when a report has to be made to the Revenue.
This follows proposed changes to the inheritance tax reporting requirements for lifetime transfers and trusts following the introduction of FA 2006, Sch 20 (see Related Links),
HMRC intend the regulations to be made in early March, so that they will be effective for chargeable events from 6 April 2007 onwards.
HMRC would be interested to receive any comments on the technicalities of the draft regulations and these should be sent by 22 February to: Tony Key, HMRC Inheritance Tax, Ferrers House, PO Box 38, Castle Meadow Road, Nottingham NG1 2BB.
