(1) An excepted estate means the estate of a person immediately before his death in either of the circumstances prescribed by paragraphs (2) and (3) below.
(2) The circumstances prescribed by this paragraph are that—
(a) the person died on or after 6th April 2002, domiciled in the United Kingdom;
(b) the value of that person's estate is attributable wholly to property passing under his will or intestacy or under a nomination of an asset taking effect on death or under a single settlement in which he was entitled to an interest in possession in settled property or by survivorship in a beneficial joint tenancy or, in Scotland, by survivorship;
(c) of that property—
(i) not more than £100,000 represented value attributable to property which, immediately before that person's death, was settled property; and
(ii) not more than £75,000 represented value attributable to property which, immediately before that person's death, was situated outside the United Kingdom;
(d) that person died without having made any chargeable transfers during the period of seven years ending with his death other than specified transfers where the aggregate value transferred did not exceed £100,000; and
(e) the aggregate of the gross value of that person's estate and of the value transferred by any specified transfers made by that person did not exceed £220,000.
(3) The circumstances prescribed by this paragraph are that—
(a) the person died on or after 6th April 2002;
(b) he was never domiciled in the United Kingdom or treated as domiciled in the United Kingdom by section 267 of the 1984 Act; and
(c) the value of that person's estate situated in the United Kingdom is wholly attributable to cash or quoted shares or securities passing under his will or intestacy or by survivorship in a beneficial joint tenancy or, in Scotland, by survivorship, the gross value of which does not exceed £100,000.
(4) For the purposes of paragraph (2) “specified transfers” means chargeable transfers made during the period of seven years ending with that person's death where the value transferred is attributable to—
(b) quoted shares or securities; or
(c) an interest in or over land (and furnishings and chattels disposed of at the same time to the same donee and intended to be enjoyed with the land), save to the extent that—
(i) sections 102 and 102A(2) of the Finance Act 1986 apply to that transfer; or
(ii) the land (or furnishings or chattels) became settled property on that transfer.
Specified date: 1 August 2002: see reg 1.