Commentary

C3.1905 CGT reliefs and deferrals—conditional exemption of designated works of art, buildings etc

Capital gains tax
Capital gains tax | Commentary

C3.1905 CGT reliefs and deferrals—conditional exemption of designated works of art, buildings etc

Capital gains tax | Commentary

C3.1905 CGT reliefs and deferrals—conditional exemption of designated works of art, buildings etc

For the latest New Development, see ND.1930.

The Board of HMRC (referred to in this article as HMRC) may designate1 certain property as being of national, artistic, historic, etc interest, and any transfer of value of such property will not be a chargeable transfer for inheritance tax, subject to the giving of undertakings by the appropriate person (see Division I7.5). Detailed arrangements must be agreed for the preservation of the property and for making it available for viewing by the public. These are explained in HMRC Guidance 'Capital Taxation and National Heritage' Chapter 4 (works of art etc), Chapter 5 (outstanding land) and Chapter 6 (outstanding buildings, amenity land and historically associated objects). The owner must undertake to keep the property in the UK and to adhere to the agreed arrangements for preservation and access.

The categories of property that may be so designated are:

  1.  

    (a)     any relevant object, collection or group of objects which appears to HMRC to be pre-eminent for its national, scientific, historic or artistic interest2. In practice expert advice as to the level of interest is sought from the Museums, Libraries and Archives Council. Where the subject of a claim is an archive the National Archives are also consulted. Before 31 July 1998, this category consisted of any pictures, prints, books, manuscripts, works of art, scientific collections or other things not yielding income, which appeared to HMRC to be of national, scientific, historic or artistic

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