Q&As

Can the conditional exemption for heritage property apply when those assets leave a relevant property trust and would otherwise suffer a proportionate charge?

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Published on LexisPSL on 23/05/2017

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • Can the conditional exemption for heritage property apply when those assets leave a relevant property trust and would otherwise suffer a proportionate charge?

The conditional exemption from inheritance tax on a transfer of value of a qualifying asset is available at the discretion of the Treasury. The aim, as with many of the heritage property reliefs, is to help ensure that pre-eminent heritage assets are retained in the UK and protected for the benefit of the nation as a whole rather than sold to private dealers. In order for a transfer to be conditionally exempt, certain conditions must be met and the owner (or other relevant person) must give undertakings that the item will be maintained and that reasonable public access will be arranged.

In order for the conditional exemption to apply, certain conditions must be met:

  1. the property transferred must

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