Heritage property—the conditional exemption

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Published by a LexisNexis Private Client expert
Practice notes

Heritage property—the conditional exemption

Copyright © 2025 LexisNexis

Published by a LexisNexis Private Client expert

Practice notes
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Conditional exemption from Inheritance tax (IHT) on a Transfer of value of a qualifying asset is available at the discretion of the Treasury (assessed via the appropriate body, currently the Arts Council England). 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 allowed.

Conditions for exemption to apply

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

  1. •

    the property transferred must qualify (and be designated by the appropriate body) as being pre-eminent for its national, scientific, historic or artistic interest or in the case of land and buildings for its scenic, architectural, historic or scientific interest (see further below), and

  2. •

    an appropriate person (generally the

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Jurisdiction(s):
United Kingdom
Key definition:
Inheritance tax definition
What does Inheritance tax mean?

Inheritance Tax is paid on an estate when somebody dies or when trusts or gifts are made during someone's lifetime.

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