In light of the coronavirus crisis, HMRC has updated its
guidance Capital taxation and tax-exempt heritage
assetsto 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.
In light of the coronavirus crisis, HMRC has updated its
guidance Capital taxation and tax-exempt heritage
assetsto 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.
