Heritage property strategies

Produced by Tolley in association with

Trusts and Inheritance Tax

Guidance

Where an owner has claimed, or is considering claiming conditional exemption on heritage property, he may also wish to consider whether or not to establish a heritage maintenance fund; the income and capital of which may be used to support the conditionally exempt heritage property.

If, on the other hand, he decides that he or his descendants can no longer maintain the heritage property, he may consider disposing of the property by gift or sale to a charity or a body listed in IHTA 1984, Sch 3 or, alternately, to HMRC in lieu of tax.

Maintenance funds

As part of the policy to preserve national heritage property, heritage maintenance funds may be established. These settled funds, whose assets (usually not heritage property itself) and income are used for the maintenance of heritage property, receive advantageous IHT treatment.

Transfers of property into a maintenance fund are exempt transfers provided the maintenance fund meets the qualifying conditions set out below.

The property does not rank as relevant property for the purposes

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