Part 2: Inheritance Tax Section 12: Exemption from ten-yearly charge for heritage property Details of the section
Subsection (1) amends section 79 of the Inheritance Tax Act (IHTA) 1984. The effect of this change will be to change when a trustee may make a claim for exemption from the ten-yearly charge. A claim may be made within two years of the ten-yearly charge arising or at such later date as the Board allows.
	Subsection (2) amends subsection 79(3) IHTA 1984 to provide that a claim for exemption from the ten-yearly charge may be made within 2 years of the date of the ten-year anniversary of the settlement. Subsection (2) also provides that HMRC may allow a later date for making the claim.
	Subsection (3) inserts a new subsection 79(3A) IHTA 1984 which provides the circumstances in which a conditionally exempt transfer of property would become a chargeable event with respect to that property.
	Subsections (4) to (8) make consequential amendments to sections 79, 207,233, 237 and Schedule 4 IHTA 1984 to reflect the change to the period within which a claim for exemption may be made and to replace references to subsection 79(3) with references to subsection 79(3A).
	Subsection (9) specifies the circumstances for which the amendments in this section have effect.