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An account is not required in the case of an excepted termination, unless the Board requests one by notice in writing, SI 1981 No 1440. In general, a request for an account (IHTM10835) must be made within 6 months of the termination.

An ‘excepted termination� is the termination of an interest in settled property where

• the transferor has, in connection with the termination, given the trustees a notice under IHTA84/S57 informing them of the availability of an exemption, and
• the value transferred as a result of the termination does not exceed the amount of the exemption specified in the notice.

The term ‘value� means value for the purposes of IHT.

If an account is not delivered because of these regulations but it is subsequently discovered that the termination is not ‘excepted�, then the trustees must deliver an account within 6 months of discovering the error.