heritage

The taxman has moved to ease red tape associated with the heritage property exemption for archives and undertakings under IHTA 1984, s 31(1)(a) and s 31(1)(aa).

An undertaking is expected to contain acceptable proposals for open public access – but the arrangements may need to be updated frequently unless the objects or collections are on long-term loan to a museum or gallery, or are in a property that is regularly open to the public.

Minimising inheritance tax on family assets