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.
Part 2: Inheritance Tax Section 12: Exemption from ten-yearly charge for heritage property Summary