I4.560 Estate duty and heritage property
Relief from estate duty
FA 1930, s 40, as amended, provided a relief from estate duty in respect of pictures, prints, books, manuscripts, works of art, scientific collections and other non-income producing assets of national, scientific, historic or artistic interest, which was not unlike the conditional exemption now afforded such objects by IHTA 1984, s 30 (see Division I7.5). Thus, the value of such objects could be left out of account in computing the estate duty liability on a death, and a charge to tax would only subsequently arise if the property was disposed of, lost1 (from 16 September 2106) or if any undertakings given in respect of that property were broken.
The provisions of FA 1930, s 40 remain in force, notwithstanding the introduction of capital transfer tax (CTT) and IHT, and a charge to tax may still arise under that section,
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 17:02