Clause 65 Finance Bill 2007 - draft late election guidance for comment

Clause 65 Finance Bill 2007 makes provision to allow HM Revenue & Customs to use its discretion to accept late elections from taxpayers for Inheritance Tax treatment of the asset(s) in question rather than incurring the pre-owned asset income tax charge. We have produced draft guidance (PDF 40K) on the circumstances in which we may accept late elections under this provision, and would welcome comments on this by 30 June 2007. You can email these to us at: InheritanceTaxCustomerService@gtnet.gov.uk