News | June 8, 2023

Wedlake Bell Lawyer quoted in ‘Financial Times’: ‘Can I give my art collection to my children before I die’

‘I have inherited a significant art collection from my grandparents and would like to preserve this for my own children, who are under 18. What tax implications do I need to consider when gifting pieces to family members?’ In this article for The Financial Times, Solicitor, Jack Martin answers reader’s question regarding art collections and inheritance.

“If you decide to gift pieces from the art collection, you will be making a potentially exempt transfer (PET) for inheritance tax (IHT) purposes. If you survive the PET by more than seven years, the value of the gifted art work will not count towards your estate for IHT.

The less favourable scenario occurs if you die within seven years of making the PET. In this instance, the gift will become chargeable to IHT at a maximum rate of…”

To read the full article please click here [£].