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Hewitsons’ Private Wealth team has significant experience of advising the owners of heritage property on a range of matters, in particular the conditional exemption and heritage maintenance funds.
The conditional exemption enables inheritance tax on land or objects of importance to our national heritage to be deferred, potentially indefinitely, provided a claim is made to H M Revenue & Customs (HMRC) within specified time limits and certain undertakings are given. The undertakings depend on the nature of the asset. Where land or buildings are concerned, the undertakings will be to maintain and preserve the land or buildings, and trusts will be established to hold funds for this purpose. Such trusts are known as heritage maintenance funds and must satisfy certain conditions. If they fail to do so, additional tax charges will apply.
The conditional exemption is potentially extremely valuable and unsurprisingly the legislation is onerous and strictly applied. Certain events trigger loss of the exemption and the payment of inheritance tax, with potentially devastating consequences.
Our understanding of the complex provisions of the inheritance tax legislation, and our experience of dealing with Valuers and the Heritage Section of HMRC in relation to the inheritance tax conditional exemption and maintenance funds, is particularly valuable in securing and maintaining the benefit of the exemption.
We also provide comprehensive advice on Wills and inheritance tax, tax planning, lifetime gifts, estates, trusts and Lasting Powers of Attorney.