Lifetime transfers: excepted transfers
An account is not required for an excepted transfer, unless the Board requests one by notice in writing, SI 1981 No 1440 .
An excepted transfer is a chargeable transfer which is a disposition by an individual (but not anything which is treated as a disposition for IHT purposes, such as an omission to exercise a right) where
- the value transferred together with the value transferred by any previous chargeable transfers during the same tax year does not exceed £10,000, and
- the value transferred together with the values of all previous chargeable transfers during the 10 years preceding it does not exceed £40,000.
If a person who has not delivered an account in reliance of the regulations subsequently discovers that the transfer is not ‘excepted’, they must deliver an account within 6 months of the discovery.