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Markel Tax

15 Jun 2020

IHT and heritage properties

During the coronavirus crisis many owners of heritage properties may not be able to meet their obligations under the Conditional Exemption Tax Incentive Scheme of opening their property to public viewing or providing public access to an object. Buildings, land, works of art and other objects that qualify under the scheme are exempt from IHT and CGT as long as certain conditions are met.

HMRC have confirmed that they will not consider the agreements to be broken if the restricted access to the property is due to COVID-19 public health measures. This will apply even if it means the property is closed for some of the period covered by the agreement, or the property is not open at all in 2020.

For further information and support with these or any other tax-related issues, please contact Reena Bhudia or call 0333 920 5708

Tagged IHT trust & estate planning