Tax and Heritage for Art and Luxury Assets

Owning significant works of art or other luxury assets can have profound tax and legal implications. For collectors, artists, galleries and families, understanding and managing the complex UK tax landscape is crucial to preserving both the financial value and the cultural legacy of these treasured assets.

Our Art & Luxury team combines deep knowledge of heritage law, tax planning, philanthropy and private client services to help clients protect their collections, plan for succession and optimise the opportunities offered by the UK’s unique heritage tax regimes. We do this for a range of clients located across the globe.

Our expertise spans fine art, cultural objects, classic cars, musical instruments, fine jewellery, antiques, wine collections and other luxury assets.

Our expertise in heritage taxation: The UK benefits from some of the world’s most sophisticated tax incentives aimed at encouraging the preservation of heritage assets for public benefit. These regimes can provide significant tax reliefs while maintaining privacy and stewardship over culturally important works.

Acceptance in Lieu (AIL): We advise clients on offers in lieu of tax which allow tax liabilities to be settled by transferring important works of art or heritage objects into public ownership.

Conditional Exemption: We guide owners in retaining heirlooms and heritage assets within families, trusts or landed estates while deferring Inheritance Tax and Capital Gains Tax.

Cultural Gifts Scheme: We advise individuals or companies on lifetime gifts of significant cultural objects to UK public collections in exchange for tax benefits.

Philanthropy and gifting to cultural institutions: We help turn philanthropic ambitions into practical, tax-efficient realities which prioritise the wider cultural or charitable impact of clients’ collections, whether placing works on public display, contributing to educational initiatives or establishing a family legacy through cultural philanthropy.

Trusts, Trustees, and Heritage Assets: We provide guidance to trustees, beneficiaries, and family offices on a range of critical issues.

Our Art & Luxury team combines technical excellence with genuine understanding of the cultural, commercial, and personal value in heritage and luxury assets. We help clients

• Preserve family legacies
• Optimise tax outcomes
• Comply with complex regulations and
• Support philanthropic and cultural initiatives with maximum impact
• Above all, we offer personal, discreet guidance tailored to your unique collection and your long-term goals.

 Recent experience

• Advising on tax-efficient transfers of heritage assets — including libraries, archives, fine art, historic jewels, and culturally significant objects — to public institutions through the Acceptance in Lieu and the Cultural Gifts Schemes
• Advising on planning and claims for Conditional Exemption from Inheritance Tax for art collections
• Advising owners and working with national museums on tax-free private treaty sales of art and cultural objects
• Advising on the UK’s export controls for cultural goods