| Commentary

134.3 Limitations

| Commentary

134.3 Limitations

The cultural gifts scheme is open only to individuals and companies that own pre-eminent property legally and beneficially. The scheme is not available to personal representatives and trustees. This excludes an interest in jointly owned property and property owned under a bare trust. There seems no logical or policy reason why donors owning through a bare trust should not be able to participate in the tax reduction. On the other hand, extending the scheme to jointly owned property could lead to complexity and it is unlikely that eligible institutions would be willing to accept partial ownership of pre-eminent

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