- 1. The Scope of the Book: Estate Planning Introduced
- 1.2.3 Other Taxes
- 1.5.14 Tackling tax avoidance: the 22 June 2010 Emergency Budget Proposals
- 1.6.1 ‘Spotlights’ and ‘Signposts’
- 2. Inheritance Tax Mitigation: The Basics
- 3. Making Gifts: Outright or Protected?
- 3.2.3 The pre-owned assets regime
- 3.2.4 Settlor-interested trusts: Income Tax and CGT
- 3.6.3 Formation
- 4. Trusts: Tax-Efficient Management
- 4.4.3 Capital Gains Tax
- 4.7.6 Related settlements
- 4.9.3 Power to accumulate or a discretion over income
- 5. The Family Home(s)
- 6. The Family Business
- 6.1.3 Capital Gains Tax angles
- 6.1.4 Other taxes
- 6.2.7 The period of ownership
- 6.3.1 The announcement of 24 January 2007 - and increasing thresholds
- 6.3.2 The detail of the legislation
- 6.6.2 Partnerships
- 9. Investments
- 10. Life Assurance
- 11. Pensions
- 11.1.2 Pensions not to be used for IHT mitigation
- 11.5.1 Overview
- 11.5.5 Death benefits
- 11.5.6 Age 75: ASP or annuity purchase?
- 12. Charitable Giving
- 12.2 Charities: The ‘fit and proper persons’ test in FA 2010
- 12.2.3 Tax advantages for donors summarised
- 12.2.3.1 Gift aid carry back: time limit for claim
- 13. The Family Unit
- 15. Leaving the UK
- 15.3.7 Gifts from UK to non-UK domiciliaries and reservation of benefit
- 15.3.8 Domicile: prospective government review
- 15.5.7 Differing status for different members of the family
- 16. Non-UK Domiciliaries Living in the UK
- 16.1.5 Further review of non-doms promised on 22 June 2010
- 16.3.2 Compliance
- 16.4.4 IHT and double taxation: the pre-capital transfer tax treaties and Switzerland
- 16.6.1 The statutory rule
- 16.6.2.1 Excluded property settlements and the UK private residence
- 17. Offshore Trusts and Companies
- 17.5.2 The capital payments charge in more detail
- 17.7.4 The transfer of assets abroad regime: non-UK resident childrens trusts
- 18. Wills
- 18.4.3 The transferable nil-rate band
- 18.5.5 Different structures: the balance of advantage
- 18.6.1 The issues, subject to the transferable nil-rate band
- 18.6.2 Statement of Practice SP 10/79
- 19. Post-death Planning
- 20. Compliance
2 - Inheritance Tax Mitigation: The Basics
Chapter: 2 - Inheritance Tax Mitigation: The Basics
Heritage Property
2.11
Two categories of favoured IHT treatment are given to qualifying heritage property (IHTA 1984 ss30 - 42). First, there is a conditional exemption given on transfers typically on death, though also during lifetime by way of chargeable transfer. Subject to giving certain undertakings, the contingent IHT liability is deferred until either those undertakings are broken or there is a further chargeable event without a renewal of the undertakings. Second, there is the system of ‘acceptance in lieu’ whereunder certain heritage property can be offered to and accepted by the nation for lodging in one of the national (or possibly local) museums in satisfaction of a liability to IHT or CGT. See Chapter 14 for further details.