HMRC has updated its guidance on the capital taxes exemptions for ‘pre-eminent’ national heritage property, including the conditional IHT exemption and the acceptance-in-lieu scheme.
HMRC has updated its guidance on the capital taxes exemptions for ‘pre-eminent’ national heritage property, including the conditional IHT exemption and the acceptance-in-lieu scheme.
Conditional exemption from IHT and CGT may be claimed where pre-eminent heritage assets are transferred, provided the owner gives undertakings to keep the assets in the UK and secure reasonable public access to them.
The acceptance-in-lieu scheme enables taxpayers to transfer works of art and other heritage objects into public ownership in full or part-payment of IHT.
The revised memorandum ‘Capital taxation and the national heritage’ (see http://bit.ly/2diGcWE) incorporates changes up to 2011, including legislation in SI 2009/730 to replace former ESCs, covering:
The revised guidance does not cover changes introduced in Finance (No 2) Act 2015 s 12 (exemption from ten-yearly charge for heritage property), allowing trustees of relevant property trusts two years after the 10-year anniversary to make their claim for conditional exemption; and Finance Act 2016 s 96 (IHT on gifts for national purposes, etc.), on the interaction of estate duty and IHT and collections previously maintained by local authorities.
HMRC has updated its guidance on the capital taxes exemptions for ‘pre-eminent’ national heritage property, including the conditional IHT exemption and the acceptance-in-lieu scheme.
HMRC has updated its guidance on the capital taxes exemptions for ‘pre-eminent’ national heritage property, including the conditional IHT exemption and the acceptance-in-lieu scheme.
Conditional exemption from IHT and CGT may be claimed where pre-eminent heritage assets are transferred, provided the owner gives undertakings to keep the assets in the UK and secure reasonable public access to them.
The acceptance-in-lieu scheme enables taxpayers to transfer works of art and other heritage objects into public ownership in full or part-payment of IHT.
The revised memorandum ‘Capital taxation and the national heritage’ (see http://bit.ly/2diGcWE) incorporates changes up to 2011, including legislation in SI 2009/730 to replace former ESCs, covering:
The revised guidance does not cover changes introduced in Finance (No 2) Act 2015 s 12 (exemption from ten-yearly charge for heritage property), allowing trustees of relevant property trusts two years after the 10-year anniversary to make their claim for conditional exemption; and Finance Act 2016 s 96 (IHT on gifts for national purposes, etc.), on the interaction of estate duty and IHT and collections previously maintained by local authorities.