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HMRC internal manual

Inheritance Tax Manual

Heritage property: summary

A disposal of heritage assets, such as historic buildings or works of art, which meet certain conditions can qualify for exemption from Inheritance Tax (IHT). This is known as conditional exemption. The exemption is described as conditional because when the circumstances surrounding exempted assets change, usually when they are sold, IHT will often then be payable on the asset.

Chargeable events in respect of heritage assets arise comparatively rarely. On most occasions the application of the relevant legislation is straight forward, but sometimes the position can be complicated.

The assessment and collection of the tax is the responsibility of Heritage Section in Nottingham. If you have a case where an IHT charge arises ask Heritage for advice.