HMRC’s Acceptance in Lieu scheme allows art and items of cultural significance to be transferred into public ownership in lieu of an Inheritance Tax or Capital Gains Tax liability. Works of art and historical items donated under the scheme are distributed among museums and galleries that are open to the public.
The 2019/20 Report, prepared by Arts Council England, highlighted the record £64.5 million worth of art and other items of cultural significance which were donated to museums and galleries in lieu of Inheritance Tax and Capital Gains Tax liabilities. These included a portrait by the impressionist painter Édouard Manet, etchings by Rembrandt, and a collection of antique pianos.
The scheme was used to settle £40 million worth of Inheritance Tax and Capital Gains Tax in 2019/20 – a tax saving which benefits not only the donors’ estates, but also the general public who gain access to items of cultural significance which might otherwise have remained in private collections.
If you would like to speak to a solicitor about Inheritance Tax or Capital Gains Tax, please contact Kerri Woodrow or Katherine Hague.
Connecting the internationally recognised academic and research powerhouses of Cambridge and Oxford by way of new infrastructure links across the region and ramping up digital connectivity between individuals, organisations and businesses occupying the zone is all part of the ambition.
Following the recent case of WH Smith and Commerz Real Investmentgesellshaft MBH (see here), it seemed that courts would impose pandemic rent suspension clauses more readily. However, this was not the case in Poundland Limited v Toplain Ltd (“Poundland"),
Many construction workers are now Covid 19 test and trace self-isolating, adding to the existing pressures within the building sector arising from the turbulence in the supply of building materials and labour.
On 12 May 2021, the government introduced the Leasehold Reform (Ground Rent) Bill into the House of Lords. The Bill was announced in the Queens Speech. This is the government’s response to the concerns which have been raised about the future level of some ground rents and how they are calculated.
