Commentary

I11.541 Acceptance of heritage property in payment of IHT

IHT, trusts and estates

I11.541 Acceptance of heritage property in payment of IHT

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I11.541 Acceptance of heritage property in payment of IHT

On the application of any person liable to pay IHT HMRC may, if it thinks fit, and the Secretary of State agrees, accept in satisfaction of the whole or any part of the IHT any of the following property1:

  1.  

    •     any land (which includes any building on the land) agreed upon between HMRC and the person liable to pay the IHT

  2.  

    •     where the Secretary of State decides it is preferable for them to remain associated with it, any objects which are or have been kept in a particular building:

    1.  

      –     which HMRC have determined to accept or has accepted in satisfaction or part satisfaction of IHT or estate duty, or

    2.  

      –     which, or any interest in which, belongs to the Crown, to the Duchy of Lancaster or to the Duchy of Cornwall, or to a Government department, or is held for the purposes of a Government department, or

    3.  

      –     of which the Secretary of State is guardian under the Ancient Monuments and Archaeological Areas Act 1979 or of which the Department of Finance for Northern Ireland is guardian under the Historic Monuments and Archaeological Objects (Northern Ireland) Order 1995, or

    4.  

      –     if the building belongs to any of the national institutions, museums, art galleries, libraries and other bodies specified in IHTA 1984, Sch 3 (see I4.218)

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