Heritage property ― loss of conditional exemption

Produced by Tolley in association with

Trusts and Inheritance Tax

Guidance

Introduction

Where a chargeable event occurs in relation to conditionally exempted property, the exemption may be lost and an inheritance tax charge may arise. For information on the conditional exemption, see the Heritage property ― conditional exemption guidance note and Simon’s Taxes I7.501 onwards.

Chargeable events

Chargeable events may consist of:

•
a material breach of an undertaking
•
a disposal of the heritage property
•
the death of the person beneficially entitled to the property

Where a breach of an undertaking has occurred, in practice HMRC will usually give the taxpayer an opportunity to remedy the breach where possible. If there has been lengthy period of no public access, this may not be possible. Note that a failure to observe an undertaking, as varied by a proposal by HMRC and

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Popular Articles

Corporation Tax

Foreign exchange issues

Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)

14 Jul 2020 11:44 | Produced by Tolley Read more

Value Added Tax

Reverse charge ― buying in services from outside the UK

Reverse charge ― buying in services from outside the UKThis guidance note covers the reverse charge that applies to services that have been bought in from outside the UK. For an overview of VAT and international services more broadly, see the International services ― overview guidance note. For

15 Dec 2020 14:02 | Produced by Tolley Read more

Spring Budget 2024

Corporation Tax

Research and development (R&D) relief ― overview

Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which

14 Jul 2020 12:22 | Produced by Tolley in association with Will Sweeney Read more

UU��ֱ��