Gifts: Inheritance Tax: how to claim the relief
Hold-over relief is only available if it is claimed. The claim must be made
- jointly by the transferor and the transferee
- only by the transferor if the transferee are the trustees of a settlement.
The claim must be made within the general time limits given in TMA70/S43. For claims made before 1 April 2010 this is no later than five years after 31 January following the year of assessment in which the disposal occurred. For most claims made on or after 1 April 2010 five years is reduced to four years. If the taxpayer has not been issued with a tax return within one year of the end of the year of assessment article 10 of SI 403/2009 extends the start date for this change to 1 April 2012.
The relief must be claimed on the form at the end of Help Sheet HS295. See CG66914 for more details.
See CG66916 - CG66917 for guidance on how to deal with late claims.