Tax-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

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource