The conditional exemption tax incentive scheme...

Good news for those wishing to rely on the Conditional Exemption Tax Incentive Scheme for buildings, land, works of art and other objects that qualify; leading to an exemption from UK IHT and CGT as long as they are open/viewed by the public for a certain minimum period in the tax year. Due to the COVID-19 lockdown, HMRC have confirmed that they will not consider the conditions broken if the national heritage property is closed, or delays its opening to later in 2020. This will apply even if some periods covered by the agreement are missed, or that it does not open at all in 2020. When the government advice on the lockdown changes, HMRC will expect the property to be open later in the year to make up for any lost days, if possible. ​