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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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National heritage: section 258(2)(b) TCGA: exemption for assets taken in satisfaction of IHT due

TCGA92/S258 (2)

Section 258(2)(b) applies the exemption in section 258 to assets which are accepted by HMRC in satisfaction of an Inheritance Tax liability. In practice the amount of Inheritance Tax satisfied by the transfer of the asset is reduced so as to share the benefit of the Capital Gains Tax saved with the nation.