Part 2: Inheritance Tax Section 12: Exemption from ten-yearly charge for heritage property Summary
This section amends the inheritance tax (IHT) legislation relating to claims for conditional exemption from IHT for heritage property. It amends the current requirement that a claim must be made and the property designated as heritage property before the approaching ten-year anniversary, and replace it with one which provides that trustees may make a claim for exemption within 2 years of the ten-yearly charge arising. The amendments have effect for those occasions on which the ten-yearly charge arises on or after the date of Royal Assent to Finance (No.2) Act 2015.