Consultation on Tax Relief for Lifetime Donations of Heritage Assets
HM Treasury has released a consultation paper on the lifetime donation of works of art or historical objects of pre-eminent importance to the nation. The consultation outlines a proposal for the donor to receive a reduction in their tax liability based on a fixed percentage of the value of the asset being donated.
The new scheme would be in addition to the existing “acceptance in lieu” scheme for Inheritance Tax (IHT).
The consultation is due to last until 21 September 2011 and is part of the Government’s wider review of IHT matters to compliment the changes announced in the 2011 Budget, the most notable of which was the reduction in the rate of IHT to 36% where 10% of an individual’s estate is gifted to charity.
If you think this consultation may have relevance to you, or you would like to discuss IHT planning in more detail, please get in touch with private client partner Gavin Morton, on 0131 558 5800 (email gavin.morton@chiene.co.uk), or your usual Chiene + Tait contact.