heritage property

Quick Reference

Property that has been certified by HM Treasury as of national, scientific, historical, or artistic interest. Inheritance tax is not payable on such property until the property is sold by the donee. Heritage property can include pictures, prints, manuscripts, works of art, or scientific collections. Certification can also be given for land of outstanding scenic or historic interest or land that is essential for the protection of the character or amenities of a building of outstanding historic or archaeological interest.

Subjects: Law.

Reference entries