Capital taxation and tax-exempt heritage assets

In light of the coronavirus crisis, HMRC has updated its guidance Capital taxation and tax-exempt heritage assets to cover temporary changes to the conditional exemption tax incentive scheme (CETIS). HMRC recognises that it may not be possible for owners of properties or assets in the scheme to meet all their undertakings, due to coronavirus. The updated guidance explains how HMRC will relax its approach in a number of cases (meaning that agreements under the scheme will be deemed not to have been broken), including where national heritage properties have been closed or have delayed re-opening, conditionally exempted objects on loan to other organisations that have closed pursuant to government advice, and difficulties in meeting agreed advertising or publicity requirements.