IHTM10803 - Accountability: time limits
The normal time limit for delivering an account is
- twelve months from the end of the month in which the transfer is made, or
- if later, three months from the date when the accountable person first becomes liable for the tax.
The rule is modified for
- transfers that arise on death (IHTM10811)
- potentially exempt transfers (PETs) (IHTM10821)
- gifts with reservations (GWRs) (IHTM10824)
- relevant property trust charges that arise on or after 6 April 2014 (IHTM10836)
Penalties (IHTM36021) may be chargeable if an account is not delivered within the statutory time limit. There are also penalties for failing to deliver an account (IHTM36081).