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Over-inflated assets

HMRC’s proposals for the pre-eminence scheme are more likely to cause a whimper than a bang, says Simon Weil

24 August 2011

The HMRC consultation on gifts of pre-eminent objects and works of art to the nation was published on 29 June in the wake of a Budget announcement. Although included in the ‘charity’ part of the Budget, it does not, strictly speaking, comprise a means to incentivise giving to charity; the proposed scheme would actually require donors to make gifts of eligible objects to the nation, which the government would then lend to suitable organisations for public display. While the donor could nominate a preference for an appropriate home for the object, this would not be binding.

Two-way street

The proposed scheme would run in tandem with the current IHT acceptance in lieu scheme. The two schemes together would, however, be subject to an annual limit on total tax reduction permitted of £20m. (For details of the new proposed scheme for pre-eminent objects see box).

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