Commentary

I3.621 Heritage property

IHT, trusts and estates

I3.621 Heritage property

Estate duty

I3.621 Heritage property

IHT conditional exemption for works of art etc (see Division I7.5) is a more elaborate version of an estate duty relief for chattels of national etc interest under which estate duty on them was deferred until a breach of undertaking, sale or (from 16 September 2016) loss of the asset occurred1 (see I1.205). The estate duty relief latterly arose under FA 1930, s 40, but subject to additional provisions from time to time under FA 1950, s 48, FA 1965, s 31, and FA 1969, s 39. Estate duty was abolished by FA 1975

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