IHTM42650 - Discretionary trusts: Heritage

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.