New legislation to note for owners of conditionally exempt objects

In this respect we feel that it is important to bring to the attention of our clients the proposal that has been included in this year’s Finance Bill to apply a new charge for Estate Duty on the loss of any object which is currently conditionally exempt on the grounds of its national scientific, historic or artistic interest. This could affect any object exempted from Estate Duty on or after 1 August 1930.

Saffery Champness has produced a Rural Briefing with further information about this proposal, which will very likely become legislation following Royal Assent to the Finance Bill, probably in July of this year.

Owners of objects exempted from Estate Duty should review their inventories and report any losses to HM Revenue & Customs before Royal Assent is granted to protect their position.