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IHTM42650 | Discretionary trusts: Heritage

From HM Revenue & Customs · Inheritance Tax Manual

Heritage section deals with all aspects of claims for Conditional Exemption (IHTM11260) and Offers in Lieu of Tax. You cannot raise a final calculation Inheritance Tax on a trust charge until you have received their advice.

Refer to Heritage section giving details of

  • the date and type of claim

  • the property on which exemption is claimed

  • likely tax at stake

  • the acting agent/trustee

  • If Conditional Exemption is agreed, IHTA84/S78 gives exemption from exit charges on heritage property comprised in a relevant property settlement.

IHTA84/S79 gives exemption from ten yearly anniversary (TYA) charges, provided the claim is made before the TYA. Following Finance Act 2015, the trustees have up to two years to make a claim for conditional exemption for anniversary charges arising on or after 18 November 2015.