IHTM04317 - Finance (No 2) Act 2017 changes: commencement provisions

The new measures apply to times on or after 6 April 2017. So, property that was excluded property (IHTM04251) before then may no longer be excluded property. However, the disposal rules at IHTM04314 only apply to disposals on or after that date.

There is a short-term transitional relief for chargeable events affected by the new measures. The relevant date for the delivery of an account and the due date for interest will be the later of the current statutory date or the end of the month following Royal Assent.

Royal Assent was granted on 16 November 2017. So, for example, if there was a chargeable event in April or May 2017 and the usual due date for payment of the Inheritance Tax would have been 31 October or 30 November 2017 respectively then the due date is extended to 31 December 2017.