Accountability: when is an account not required?
The Board of HMRC may make regulations dispensing with the delivery of accounts, IHTA84/S256. At present accounts are not required for
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, IHTA84/S216 (5).
This rule does not apply in the case of an account to be delivered by the personal representatives.