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The art of succession
Key points
- When assessing estate planning opportunities for the owner of an art collection it is important to understand not just the client but the nature of the assets owned.
- Lending to museums and other public cultural institutions can play an important part in strategic tax planning.
- If an individual’s art collection contains museum-quality items considered to be ‘pre-eminent’ three tax incentive schemes are available.
- The total annual reduction in tax liabilities and amount accepted in lieu of tax under both schemes must together not exceed £40m in each tax year.
When assessing estate planning opportunities for the owner of an art collection it is important to understand not just the client but the nature of the assets owned. It is quite possible that the individual owns very expensive pieces but which are of little art historical value.
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