MPs criticise IHT exemption
MPs criticise IHT exemption
INHERITANCE tax exemption agreements between landowners and the Inland Revenue are attracting increasing criticism from pressure groups and MPs.
Under present rules, which could change in the forthcoming spring Budget, landowners can benefit from IHT exemptions in return for undertakings to preserve, maintain and provide reasonable public access.
To qualify, the land must be of outstanding scenic, historic or scientific importance.
Treasury figures show that more than 106,000ha (260,820 acres) in the UK is covered by these agreements.
The Inland Revenue, which is advised on the agreements by English Nature, the Countryside Commission and English Heritage, says landowners must publicise access arrangements. But the Ramblers Association and some MPs say that is not happening. Since information is not provided by the Inland Revenue, land covered by tax exemption agreements remains largely secret.
Paddy Tipping, MP, who has raised the issue with the Treasury, says he is pressing taxpayers confidentiality to be dropped.