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HMRC internal manual

Inheritance Tax Manual

Has an election been made?: requirements for a valid election

The requirements for a valid election are that

  • the persons making the IoV, (and if, but only if, the variation gives rise to additional tax to be paid, the personal representatives)
  • give written notice of the election to the Board of HMRC
  • within six months of date of the instrument, or such longer time as the Board may allow.

In our view, an election which is validly made is irrevocable. This was made public in the letter referred to at IHTM35021.

If a notice does not meet the requirements above, it will be ineffective for the purposes of IHTA84/S142 (1), and

  • a fresh election can be made (subject to the time limit), but
  • if this is not done, the variation will not be acceptable within IHTA84/S142 (1).