Tax-artifact swap saves 700-year-old documents

An artifacts-for-tax scheme has preserved parchments and documents stretching back 700 years old, BBC reports.

HM Revenue and Customs has struck a deal with the executors of the Penrhyn Castle which will see a collection of royal edicts and other artifacts which detail the history of the families in the area safe guarded in Bangor University.

The government initiative sees assets with historical or cultural value handed over in leiu of 40% of death duties on estates worth more than £325,000.

The Penrhyn collection covers the 13th to the 20th century. The owners may have been forced to sell the documents to cover the £290,000 tax bill if the scheme had not been in operation.

Gerry McQuillan, with HMRC's acquisitions, exports and loans unit, said the scheme is a win-win situation.
"The whole of the UK gains by being able to secure the future of beautiful artefacts, documents and paintings, and the executors of wills have a way out of their inheritance tax demands without having to raise hundreds of thousands of pounds in cash.

Read the full story: Ancient papers saved in tax deal