excepted estate

excepted estate
England, Wales
An estate where a full inheritance tax account is not required. There are three types of excepted estate:
Low value estates. There are estates where the total value of the estate, (including the deceased's share of jointly owned assets, any specified transfers and specified exempt transfers, do not exceed the inheritance tax nil rate band.
Exempt estates. These are estates where the gross value of the estate does not exceed £1,000,000 and there can be no liability to inheritance tax, because spouse or civil partner exemption, or charity exemption, bring the estate below the inheritance tax nil rate band.
• The estates of deceased individuals who are domiciled outside the UK at the date of their death.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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