Art and Heritage
Our Art and Heritage practice advises clients who own and manage collections of works of art, often acquired by inheritance. Succession planning is of particular importance for an asset class which generates no income. We navigate our clients through the arcane rules of exemption for heritage property, including works of art, and work regularly with the leading auction houses and their heritage departments. Our services include:
- wealth structuring, to enable collections to pass down the generations without charges to inheritance tax (and very often estate duty) and capital gains tax
- advice on the appropriate vehicles for the ownership of collections of works of art, and for their display, including trusts, partnerships and charities
- securing and maintaining tax reliefs for heritage property
- negotiating exemptions and undertakings with HMRC, and loan agreements with museums and art galleries
- agreeing private treaty sales, acceptance in lieu and hybrid schemes
- working with auction houses and dealers to achieve the best outcome on a sale, at the minimum burden of tax
- advice on disputes, usually related to attribution or valuation
- advice to non-UK domiciliaries on the use of offshore funds to acquire works of art
For further information please contact Charles Wyld or Tom Hewitt.
Please see below for other areas which may be of interest:
All Partners and Associates in
Art and Heritage.