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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 () 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, gives exemption from exit charges on heritage property comprised in a relevant property settlement.

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.