HMRC guidance on capital taxation and tax-exempt heritage assets updated

HMRC guidance on capital taxation and the national heritage has been updated, although it is not yet clear what content has changed and whether it is relevant or not. CTG is checking with HMRC officials and provide an update as soon as possible.

In order to preserve and protect national heritage for the benefit of the public, the government introduced the ‘Conditional Exemption Tax Incentive Scheme’. Buildings, land, works of art and other objects that qualify under the scheme are exempt from Inheritance Tax and Capital Gains Tax providing that certain conditions are met.