HMRC has updated its guidance on the conditional exemption tax incentive scheme to extend the temporary relaxations made as a result of coronavirus until April 2021. Those changes ensure that heritage properties will not lose their qualifying status under the scheme where they have not been able to meet various conditions because of pandemic restrictions (for example, where a property has closed or delayed reopening in order to follow local authority social distancing guidance).
The scheme was introduced to preserve national heritage assets for the benefit of the public. Qualifying buildings, land, works of art and other objects are exempt from IHT and CGT provided certain conditions are met.
HMRC has updated its guidance on the conditional exemption tax incentive scheme to extend the temporary relaxations made as a result of coronavirus until April 2021. Those changes ensure that heritage properties will not lose their qualifying status under the scheme where they have not been able to meet various conditions because of pandemic restrictions (for example, where a property has closed or delayed reopening in order to follow local authority social distancing guidance).
The scheme was introduced to preserve national heritage assets for the benefit of the public. Qualifying buildings, land, works of art and other objects are exempt from IHT and CGT provided certain conditions are met.
