Tax Allowances: Cultural Heritage

Treasury written question – answered on 6th September 2013.

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Photo of Helen Goodman Helen Goodman Shadow Minister (Culture, Media and Sport)

To ask the Chancellor of the Exchequer if he will estimate the (a) number and (b) monetary value of heritage assets exempt from estate duty which are (i) land, buildings and their contents, (ii) works of art and (iii) collections of art.

Photo of David Gauke David Gauke The Exchequer Secretary

The estate duty exemption only applies to chattels. It does not apply to land and buildings or to collections of art. The number and value of exempt assets which are land and buildings is therefore nil. The total number of exempt items, which includes contents, works of art and collections, is approximately 44,700, with an estimated value of about £250 million.

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