IHTM10811 - Transfers on death: general rule

The general rule is that the personal representatives ( IHTM05012) are accountable. They have to complete and return an IHT 200for the deceased’s estate. The only exception to this rule is where the estate is an ‘excepted estate’ ( IHTM06011).

The time limit for delivering the account is

• twelve months from the end of the month in which the death occurs, or
• if later, three months from the date when the personal representatives first acted in that capacity.

Penalties ( IHTM36000) may be chargeable if the time limits are not met.

There are special rules covering

• what property ( IHTM10812) needs to be included in the account
• the provision of estimated values ( IHTM10813), and
• what happens when the personal representatives do not obtain a grant within the normal time limits ( IHTM10814).