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Home / Simons-Taxes /IHT, trusts and estates /Part I1 Outline of and history to current IHT regime /Division I1.5 Overview of the IHT regime /Business, agricultural and woodlands reliefs and conditional exemption / I1.549 Conditional exemption and other heritage reliefs
Commentary

I1.549 Conditional exemption and other heritage reliefs

IHT, trusts and estates

Heritage property has several different IHT benefits.

Conditional exemption

Property which meets certain conditions can be given a conditional exemption from inheritance tax so that no IHT is due on the transfer. The exemption is available on death and on lifetime transfers and is available to trustees.

The types of assets which qualify are:

  1. Ìý

    •ÌýÌýÌýÌý objects which are pre-eminent for their national, scientific, historical or artistic interest such as pictures, books, manuscripts, works of art or scientific objects

  2. Ìý

    •ÌýÌýÌýÌý land of outstanding scenic, historical or scientific interest, or

  3. Ìý

    •ÌýÌýÌýÌý buildings which should be preserved for their historical or architectural interest, together with objects historically associated with the building

If HMRC agree that the exemption

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