Assets which are important for historical, artistic or other reasons can have high monetary and sentimental values attached. Owners of heritage assets may wish to see them remain within their family for as long as possible, but Inheritance Tax on a death or on some lifetime gifts can make this impossible.
The Conditional Exemption Scheme is a way for families to retain heritage assets without a tax liability being triggered on a death or gift, provided that special conditions set by the Revenue are met. Those conditions usually include retaining the asset in the UK, ensuring that it is properly preserved and maintained, and allowing some degree of public access to the asset in question. That may be through the opening of a private home to the public or through a loan arrangement with a museum, gallery or other institution.
Negotiating Conditional Exemption requires specialist advice. Our team of tax and succession lawyers has negotiated a large number of successful Conditional Exemption claims over the years and works with the Revenue, valuers and other experts to secure the best outcome.