William Massey QC examines why there are so few maintenance funds, and what changes are needed if they are to be made to work
FA 1976 introduced the system now in force of conditional exemption from IHT for transfers of value the value transferred by which was attributable to objects buildings or land designated by HM Treasury as being of sufficient quality the exemption being conditional on the giving of undertakings from typically the transferee of the property to provide a substantial element of public access and to maintain repair and preserve. On breach of the undertaking or on disposal without the transferee renewing the undertakings IHT would be charged (under what is now IHTA 1984 ss 30–35A).
FA 1976 introduced the IHT exemption for transfers of value attributable to property transferred to a Maintenance Fund (MF) a settlement under the supervision...
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William Massey QC examines why there are so few maintenance funds, and what changes are needed if they are to be made to work
FA 1976 introduced the system now in force of conditional exemption from IHT for transfers of value the value transferred by which was attributable to objects buildings or land designated by HM Treasury as being of sufficient quality the exemption being conditional on the giving of undertakings from typically the transferee of the property to provide a substantial element of public access and to maintain repair and preserve. On breach of the undertaking or on disposal without the transferee renewing the undertakings IHT would be charged (under what is now IHTA 1984 ss 30–35A).
FA 1976 introduced the IHT exemption for transfers of value attributable to property transferred to a Maintenance Fund (MF) a settlement under the supervision...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
