Conditional exemption tax incentive scheme eased

Due to the impact of the coronavirus HMRC accepts that it may not be possible for owners of properties or assets in the conditional exemption tax incentive scheme to meet all their undertakings.

It confirms that owners will not be considered to have broken their agreement if they have had to close a national heritage property or delay its opening. This will apply even if they miss some of the period covered by the agreement or do not open at all in 2020.

However when government advice changes HMRC will expect the property to be open later in the year to make up for any lost days if possible.

If a conditionally exempted object is on loan to a venue that closes HMRC will not treat the withdrawal of public access as if the agreement has been broken.

If an object can be seen only by appointment then HMRC...