Responding to a written question, the Financial Secretary to the Treasury states that ‘the Government recognises the cultural and economic contribution historic homes make right across the UK. Heritage Maintenance Funds play an important role in keeping historic homes in the best possible condition and making them accessible for the general public. That is why assets placed in Heritage Maintenance Funds continue to receive a complete exemption from inheritance tax.
The Treasury regularly monitors all reliefs and exemptions, including Heritage Maintenance Funds, to ensure they continue to be appropriate and affordable.
A response to a further question stated that the estimated cost of the inheritance tax exemption for heritage assets is listed here. ‘The legislation was introduced to protect national heritage assets. Where there has been a failure to meet the undertakings, 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.’