Specialist taxation and ownership advice for heritage property
Wrigleys' heritage team advise on all aspects of the ownership and taxation of heritage property and art including works of art, furniture, jewellery, stamps, coins and medals.
Heritage land and buildings can pose various legal problems. They often have high capital values, but frequently any income they produce is absorbed or exceeded by maintenance or conservation costs. In rural areas these problems can be aggravated by current farming trends. Additionally, families owning such a property may be reluctant to see it sold at any price. Some heritage assets are transferred to or run by charities.
Specific services include:
- Sales – consignment, establishing provenance, authorities, notice to Arts Council England and HMRC, export licences.
- Purchases – at auction or by private treaty, checking provenance, funding, storage, security.
- Gifts and transfers into and out of trusts.
- Tax reliefs - Items already conditionally exempt from CGT or IHT, liaison with HMRC, methods of providing public access, compliance issues.
- Charitable structures and maintenance funds.
- Seeking renewal of conditional exemption on a fresh chargeable event or fresh conditional exemption for the first time, preeminent quality test, negotiating public access undertakings.
- Breaches of undertakings for conditional exemption, loss or damage, negotiating tax liabilities arising.
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- Legal 500
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- Chambers and Partners