The Income Tax (Benefits Received by Former Owner of Property) (Election for Inheritance Tax Treatment) Regulations 2007

Made

19th October 2007

Laid before House of Commons

22nd October 2007

Coming into force

14th November 2007

The Treasury, in exercise of the power conferred by paragraph 23(2) of Schedule 15 to the Finance Act 2004(1), make the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Income Tax (Benefits Received by Former Owner of Property) (Election for Inheritance Tax Treatment) Regulations 2007 and shall come into force on 14th November 2007.

Manner in which election to be made

2. An election under paragraph 21 or 22 of Schedule 15 to the Finance Act 2004 (power to elect for inheritance tax treatment of pre-owned assets) is to be made in writing on the form designated IHT 500 in the Schedule to these Regulations.

Dave Watts

Steve McCabe

Two of the Lords Commissioners of Her Majesty's Treasury

19th October 2007

Regulation 2

SCHEDULE Form IHT 500

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EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations are made pursuant to Schedule 15 to the Finance Act 2004.

Regulation 1 provides for citation and commencement.

Regulation 2 provides for the manner in which an election under paragraph 21 or 22 of Schedule 15 to the Finance Act 2004 is to be made.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

( 1 )

2004 c.12. Back [1]

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