Owners of many of the UK’s historic houses, stately homes, castles and gardens rely on our considerable experience to help them deal with matters ranging from the commercial challenges of an open house business to the tax issues of using their properties for weddings or filming.
Heritage asset ownership is surrounded by many challenges including:
- Funding the maintenance of the heritage property
- Preservation of assets for future generations
- Management of business activities
- Specialist taxation such as “conditional exemption” from inheritance tax (IHT) and capital gains tax.
- Exemptions from Estate Duty (the forerunner of IHT) which are still often relevant today and require regular review.
Services for heritage businesses
Owners need the support and advice from professionals like us who know the sector and regularly work within it. Our specialist services include:
- Succession planning and IHT.
- Setting up heritage maintenance funds either in life or post death.
- VAT advice
- Reviewing commercial returns of business enterprises
We work with the Historic Houses Association’s Political & Taxation Committee and are actively involved in tax lobbying in all aspects affecting the historic house owner, including those associated with chattels ownership.
Our heritage team includes well-known experts such as Mick Downs, who was formerly the technical adviser to HMRC’s Heritage Team. Their work includes:
- Negotiating with HM Revenue & Customs’ (HMRC’s) Heritage Team on contentious issues
- Advising on the offer and acceptance of heritage property in lieu of IHT.
Advising on sales of heritage property to public bodies. For more information on how we can help with your issues please contact Mick Downs.