UK:
Keeping Your Heritage: Tax Reliefs For Art And Other Family Heirlooms
05 February 2014
Wedlake Bell
To print this article, all you need is to be registered or login on Mondaq.com.
Valuable works of art and other family heirlooms can give the
owner much pleasure during their lifetimes but the next generation
a headache when they inherit. There is no automatic exemption from
inheritance tax for heirlooms and heritage assets and the recipient
may have to pay tax on the item they inherit at the rate of 40%.
However, to save family members from having to use valuable savings
or sell assets to fund the tax, there are reliefs available. A
little bit of time spent during your lifetime planning how to
mitigate potential tax on death could save a lot of time, tax and
anxiety for loved ones later.
In the article below "
Keeping your heritage", first published in Taxation
Magazine (16 January 2014) and reproduced here with kind
permission, Ann Stanyer, a partner in the
Private Client team at Wedlake Bell, and Kate
Davies, a solicitor in the team, discuss the planning
options available. Ann is an expert in tax planning for
personal chattels and is author of Sweet & Maxwell's
Personal Chattels: Law, Practice and Tax. Please contact Ann or
Kate for further information on this subject.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Family and Matrimonial from UK
Challenging A Will – Caveats
Blaser Mills
If you are considering challenging the validity of a Will, you may wish to consider issuing a caveat.
Potential Claim On Professor Dumbledore's Estate
Ellisons Legal
Sir Michael Gambon, famously known to play Professor Albus Dumbledore in the Harry Potter series, died in September 2023. His death has raised various questions into the administration...
Family Court Fees Set To Rise In April 2024
Ellisons Legal
Up to 202 Court fees are set to increase by 10% in April 2024, including a number of Family Court fees. Fees were last increased in 2021, and His Majesty's Courts...
Rise In Inheritance Disputes
Ellisons Legal
Inheritance disputes are on the rise, with just under 400 probate cases reaching the Courts in the first 9 months of 2023, but this does not even scratch the surface.
Using Trusts For Disabled Beneficiaries
Gorvins Solicitors
As a parent of a child with disabilities or severe learning difficulties, you'll be well aware of the increased care and support your child requires on a day to day basis.