Commentary

I3.337 Gifts to the nation

IHT, trusts and estates

I3.337 Gifts to the nation

I3.337 Gifts to the nation

Finance Act 2012 introduced a scheme (which applies from 1 April 2012) to stimulate lifetime giving by encouraging taxpayers to donate pre-eminent objects, or collections of objects, to the nation1. Such gifts are exempt from inheritance tax2.

For details of the scheme, see C3.1904 and 'Gifts of pre-eminent objects'.

For the interaction with the conditionally exempt property rules, see Division I7.53.

A defect in the provisions as originally enacted was corrected by Finance Act 20144 with effect from 17 July 2014. The exemption from estate duty on donations of exempt objects was intended to be

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