Inheritance Tax Act 1984 section 261

Scotland: inventories

Section 261 explains how references to inheritance tax accounts delivered by personal representatives are to be interpreted when the legislation applies in Scotland.

• In Scotland, the concept of an "account" delivered to HMRC by personal representatives is replaced by the Scottish equivalent: an inventory or additional inventory.
• The relevant inventory is that referred to in section 38 of the Probate and Legacy Duties Act 1808.
• The inventory must have been duly exhibited (i.e. formally presented) as required by that 1808 Act.
• This provision ensures that the Scottish legal process for reporting a deceased person's estate is properly aligned with the inheritance tax framework.