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RUTH CORNETT outlines HMRC’s updated views on the capital tax treatment of heritage chattels
KEY POINTS
- HMRC’s new memorandum replaces leaflet IR67.
- IHTA 1984 s 30 and s 31 and conditional exemption.
- The importance of ‘pre-eminence’ status but a lack of definition.
- The advantages and disadvantages of grouping heritage assets together.
- Accepting property in lieu of inheritance tax under IHTA 1984 s 230.
The publication in September 2011 by HMRC of their updated memorandum Capital Taxation and National Heritage (formerly booklet IR67) providing guidance on capital taxation and the national heritage marks the culmination of a long period of consultation with interested parties and practitioners in this area.
At well...
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