EFIS 35, July 2002 : Probate

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PROPEP(2002) - Probate Estate Provisions

The Inheritance Tax (Delivery of Accounts)(Excepted Transfers and Excepted Terminations) Regulations 2002 abolish the requirement to deliver an account of lifetime transfers where the total value of an individual's annual transfers does not exceed �10,000 and where the cumulative total does not exceed �40,000. These Regulations will come into force on 1st August 2002.

Following the Chancellor of the Exchequer's announcement in the Budget of an increase in the Inheritance Tax threshold to �220,000 we have updated PEP sheet (2002) for deaths occurring on or after 6th April 2002.

Practitioners will be aware that the PEP sheet is a set of notes which are used to complete Probate forms 4, 4B, 5, 5B, 8, 9, 11, 12, 13, 14, 15 and 16.

PROPEP(2002) replaces your existing PROPEP(2000) so unless your firm may need to refer to PROPEP(2000) in respect of proceedings begun before 1st August, we would suggest that you delete PROPEP(2000) from your hardware.

Forms affected

PROPEP2000	Probate Estate Provisions (Notes)		Withdrawn
140026I9.lfm			New/Amended

Crown copyright forms are reproduced with the permission of the Controller of the Stationery Office. Law Society forms are reproduced with the permission of the Law Society. Legal Aid Forms are produced with the permission of the LSC.