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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Excepted transfers and terminations - accounts delivered for transfers that qualify as excepted transfers or terminations

Where an account is delivered for a transfer that qualifies as an excepted transfer or termination, you should return it to the taxpayer or agent, explaining why it is not necessary to deliver an account at this stage. You should make the point that although the transferor or trustees may be excused from delivering an account at the time the transfer is made, they must still retain a record of the transfer so it can be taken into account when future gifts are made, or in the event of their death within 7 years.