Commentary

I7.502 Outline of the exemption

IHT, trusts and estates

I7.502 Outline of the exemption

I7.502 Outline of the exemption

The conditional exemption for works of art etc applies to transfers of value made in lifetime and on death as well as to settled property whether or not there is an interest in possession1.

Conditional exemption cannot be claimed in relation to a potentially exempt transfer2, unless and until the transferor dies within seven years of the transfer and it becomes a chargeable transfer3; see I7.504.

Where the summary below refers to the HMRC Board, IHTA 1984 refers to the Treasury. The functions of the Treasury with regard to the national heritage, including CTT and estate duty

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