Discretionary trusts: Heritage
Heritage section deals with all aspects of claims for Conditional Exemption (IHTM11260), or Offers in Lieu of Tax. You cannot raise a final calculation Inheritance Tax on a trust charge until you have received their advice.
Refer the file to Heritage section giving details of
- the date and type of claim
- the property on which exemption is claimed
- likely tax at stake
- the acting agent/trustee
If Conditional Exemption is agreed,
- IHTA84/S78 gives exemption from exit charges on heritage property comprised in a discretionary settlement.
- IHTA84/S79 gives exemption from ten yearly charges. The claim must be made within 2 years of the date of charge.