Disclaimers: IHT requirements
In addition to satisfying the general law requirements (IHTM35161), the provisions of IHTA84/S142 apply to disclaimers. This means that for IHT purposes
- the disclaimer must be in writing (a disclaimer by conduct cannot meet the conditions of IHTA84/S142)
- it must be made within two years of the death, but
- there does not have to be an election or statement of intent under IHTA84/S142(2) to bring a disclaimer within the provisions of IHTA84/S142.
IHTA84/S17(a) and IHTA84/S142 assimilate the treatment of disclaimers to that of variations, so apart from an election or a statement of intent (and the associated penalty provisions) the instructions at IHTM35011 to IHTM35154 apply.
Unlike variations, a disclaimer can apply to an interest in settled property. (IHTM35165)