Section 267ZB: Section 267ZA: further provision about election, Inheritance Tax Act 1984

For the purposes of this section—

references to a lifetime election are to an election made by virtue of section 267ZA(3), and

references to a death election are to an election made by virtue of section 267ZA(4).

A lifetime or death election is to be made by notice in writing to HMRC.

A lifetime or death election is treated as having taken effect on a date specified, in accordance with subsection (4), in the notice.

The date specified in a notice under subsection (3) must—

be 5 April 2025 or an earlier date,

be within the period of 7 years ending with—

in the case of a lifetime election, the date on which the election is made, or

in the case of a death election, the date of the deceased's death, and

meet the condition in subsection (5).

The condition in this subsection is met by a date if, on the date—

in the case of a lifetime election—

the person making the election was married to, or in a civil partnership with, the spouse or civil partner, and

the spouse or civil partner was domiciled in the United Kingdom, or

in the case of a death election—

the person who is, by virtue of the election, to be treated as domiciled in the United Kingdom was married to, or in a civil partnership with, the deceased, and

the deceased was domiciled in the United Kingdom.

A death election may only be made within 2 years of the death of the deceased or such longer period as an officer of Revenue and Customs may in the particular case allow.

Subsection (8) applies if—

a lifetime or death election is made,

a disposition is made, or another event occurs, during the period beginning with the time when the election is treated by virtue of subsection (3) as having taken effect and ending at the time when the election is made, and

the effect of the election being treated as having taken effect at that time is that the disposition or event gives rise to a transfer of value.

This Act applies with the following modifications in relation to the transfer of value—

subsections (1) and (6)(c) of section 216 have effect as if the period specified in subsection (6)(c) of that section were the period of 12 months from the end of the month in which the election is made, and

sections 226 and 233 have effect as if the transfer were made at the time when the election is made.

A lifetime or death election cannot be revoked.

If a person who made an election under section 267ZA(1) is not resident in the United Kingdom for the purposes of income tax for a period of four successive tax years beginning at any time after the election is made, the election ceases to have effect at the end of that period.

Section 267ZB: Section 267ZA: further provision about election

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