The Taxation of Heritage Assets: Rebecca Meade writes for ThoughtLeaders4
Private Client Senior Associate, Rebecca Meade, has authored an article for the ThoughtLeaders4 Private Client Tax Magazine entitled ‘Saving heritage assets for the nation whilst saving tax – the taxation of heritage assets’.
In the piece, Rebecca covers the acceptance in lieu (“AIL”) scheme, that allows taxpayers to give 'pre-eminent' assets to qualifying public institutions in payment of inheritance tax. She goes on to address what is considered a ‘pre-eminent’ asset, provides an example of the AIL scheme in practice, and explains the various other tax reliefs available for national heritage assets.
The full article can be accessed here.
If you would like further information on the topic of the taxation of heritage assets, please contact our Art and Cultural Property Team.