Commentary

I10.122 Conditionally exempt heritage property

IHT, trusts and estates

I10.122 Conditionally exempt heritage property

I10.122 Conditionally exempt heritage property

Transfers of value of certain property may be conditionally exempt provided HMRC so designates and certain undertakings are given in respect of it1. Where IHT later becomes payable because either the statutory undertaking is not observed, the person beneficially entitled to the property dies, or the property is disposed of, the person liable is:

  1.  

    (a)     on a breach of the undertaking or on death, the person who, if the property were sold, would be entitled to receive (whether or not for his own benefit) the proceeds of sale or any income arising there from2

  2.  

    (b)    

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