IHTM42650 - 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 (provided the claim is made before the TYA)