Cultural Heritage: Capital Taxes

(asked on 6th September 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of inheritance tax and capital gains tax exemptions for heritage assets.


Answered by
Mel Stride Portrait
Mel Stride
Secretary of State for Work and Pensions
This question was answered on 11th September 2017
The estimated cost of the inheritance tax exemption for heritage assets can be found at: https://www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs The cost of the capital gains tax exemption for heritage assets is not available.

The legislation was introduced to protect national heritage assets. Where there has been a failure to meet the undertakings, HM Revenue and Customs’ (HMRC’s) approach is to work with owners in order to put things right. It has not in the last 10 years been necessary for HMRC to remove an exemption.

The table below sets out the number of exemptions (by claim) granted in each year for the categories listed within the legislation over the last ten years:

Pre-eminent objects s.31(1)(a)IHTA and (aa)

Land s.31(1)(b)IHTA

Buildings & amenity land s.31(1)(c) and (d) IHTA

Historically associated objects s.31(1)(e)IHTA

2007/08

12

3

0

1

2008/09

9

0

2

1

2009/10

10

1

2

2

2010/11

9

1

2

0

2011/12

7

2

0

1

2012/13

8

2

0

0

2013/14

8

2

2

2

2014/15

6

0

2

2

2015/16

14

2

1

0

2016/17

16

0

2

0

Sixteen people within HMRC are involved in ensuring undertakings are adhered to.

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