Heritage tax

Our clients include the owners of many of the UK’s foremost historic properties, as well as valuable art and other heritage assets.

Our experience in the taxation of heritage property means that we can provide first class advice to our clients on the numerous exemptions and reliefs available to them, as well as on meeting their tax return obligations.

These exemptions and reliefs from capital taxation can be complicated and keep changing. Old exemptions from estate duty (the forerunner of Inheritance Tax (IHT)) can also still be relevant and require regular review.

Our services include:

• Preparing your accounts and tax returns.
• Planning for tax reliefs and exemptions.
• VAT.
• Advising on the offer and acceptance of heritage property in lieu of IHT.
• Advising on the sales of heritage property by private treaty, free from capital taxation, to public bodies.
• Succession planning and IHT.
• Advising on how to secure tax reductions under the Cultural Gifts Scheme.
• Setting up heritage maintenance funds either in life or post death.
• Negotiating with HM Revenue & Customs’ (HMRC’s) Heritage Team on contentious issues.

We work with the Political & Taxation Committee of Historic Houses (formerly the Historic Houses Association) and are involved in tax lobbying and not merely the status quo. We offer the services of our heritage expert, Mick Downs, who was formerly the technical adviser to HMRC’s Heritage Team.