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Art works

Releasing works of art to the nation under the conditional exemption scheme helps maximise their true worth in a ?tax-efficient manner, say Fiona Graham and William Hadley

22 August 2011

In these days of financial austerity, everybody is looking more closely at ways of reducing their liabilities. The question of how to hand down family heirlooms in a tax-efficient manner remains as pressing as ever. The traditional answer was often to secure conditional exemption from inheritance tax, but the rules in this area have tightened significantly in recent years, particularly with regard to public access to the item in question. Here, we look at the regime for works of art (and other heritage chattels), although the same principles apply to heritage land and buildings.

Fine art

If the owner of a work of art or heritage property wishes to defer inheritance tax (IHT), either on death or on a lifetime gift, he or she can consider exemption from IHT under the conditional exemption regime. Capital gains tax (CGT) can also be deferred in certain circumstances. If the item or property is of the requis...

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