TaxPersonal TaxTax-artifact swap saves 700-year-old documents

Tax-artifact swap saves 700-year-old documents

Penrhyn Castle hands over historic documents in place of tax

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

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