Commentary

I1.205 Estate duty—works of art etc

IHT, trusts and estates

I1.205 Estate duty—works of art etc

I1.205 Estate duty—works of art etc

FA 1930, s 40 introduced relief from estate duty for works of art, manuscripts and other items of national, scientific, historic or artistic interest, provided undertakings were given to keep the property in the UK, preserve it, and allow scholars to examine it1. The duty becomes payable on a subsequent breach of any undertakings, the sale or (on or after 15 September 2016) the loss2 of the item.

This exemption naturally encouraged the purchase of works of art, the more so since, as an exemption from duty, it meant that wealth so held could

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