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HMRC internal manual

Inheritance Tax Manual

Lifetime transfers: specific lifetime reliefs: fall in value relief: wasting assets

Relief does not apply if the transferred asset is tangible movable property that is a ‘wasting asset’, IHTA/S132.

  • An asset is a wasting asset if it had a predictable useful life not exceeding fifty years immediately before the transfer.
  • Plant and machinery must always be regarded as wasting assets unless incorporated in the structure of a building, in which case it is to be treated as immovable property.