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For any deaths occurring before 6 April 2002 an estate could not qualify as an excepted estate (IHTM06011) if the deceased held an interest in possession (IHTM16060) in settled property (IHTM16041).

SI2002/1733 Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 introduced a new regulation that an estate could be an excepted estate if the deceased held an interest in a single settlement that does not exceed the cash limits below:

Deaths (all dates inclusive)	Gross value of trust
6 Apr 2002 to 31 Aug 2006	拢100,000
1 Sept 2006 to 31 Dec 2021	拢150,000
1 Jan 2022 onwards	拢250,000

When considering exempt excepted estates (IHTM06013) for deaths from 6 April 2004, the values stated above refer to the chargeable value of the trust.

For deaths on or after 1 January 2022 the gross value of the trust before the deduction of spouse or civil partner exemption and/or charity exemption only cannot exceed 拢1,000,000. For deaths from 6 April 2004 to 31 December 2021 the gross value of the trust together with the gross value of the other assets of the estate and specified transfers cannot exceed 拢1,000,000.

If the deceased held an interest in possession in more than one settlement the personal representatives (IHTM05012) will still need to complete an IHT400 (IHTM10021).