Exemptions from capital gains tax and inheritance tax in relation to chattels and land are, in reality, a deferral of tax on certain conditions being met throughout the period of tax deferral. Since 1998, these conditions have required greater public access to the exempt items.
Whilst this whole area of taxation has become more complex and even arcane, it remains possible to defer capital taxes if the chattel is either of pre-eminent quality or is historically associated with a building of outstanding architectural or historical interest. Such deferral also extends to buildings and land which are of outstanding architectural, historic, scientific, scenic or amenity interest.
The Heritage & Taxation Advisory Service has extensive experience in advising clients in this area, including the likelihood of exemption being available, the procedures to obtain it and the conditions likely to be attached to it.