Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of inheritance tax and capital gains tax exemptions for heritage assets.
The legislation was introduced to protect national heritage assets. Where there has been a failure to meet the undertakings, HM Revenue and Customs’ (HMRC’s) approach is to work with owners in order to put things right. It has not in the last 10 years been necessary for HMRC to remove an exemption.
The table below sets out the number of exemptions (by claim) granted in each year for the categories listed within the legislation over the last ten years:
| Pre-eminent objects s.31(1)(a)IHTA and (aa) | Land s.31(1)(b)IHTA | Buildings & amenity land s.31(1)(c) and (d) IHTA | Historically associated objects s.31(1)(e)IHTA |
2007/08 | 12 | 3 | 0 | 1 |
2008/09 | 9 | 0 | 2 | 1 |
2009/10 | 10 | 1 | 2 | 2 |
2010/11 | 9 | 1 | 2 | 0 |
2011/12 | 7 | 2 | 0 | 1 |
2012/13 | 8 | 2 | 0 | 0 |
2013/14 | 8 | 2 | 2 | 2 |
2014/15 | 6 | 0 | 2 | 2 |
2015/16 | 14 | 2 | 1 | 0 |
2016/17 | 16 | 0 | 2 | 0 |
Sixteen people within HMRC are involved in ensuring undertakings are adhered to.