Cultural Heritage: Tax Allowances

The Government published information about the reforms to agricultural property relief (APR) and business property relief (BPR) at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that only involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In some circumstances, relief from inheritance tax and capital gains tax is also available for national heritage assets when they pass to a new owner either as a result of a death or as a gift. HMRC determines which assets qualify for exemption on the advice of the government’s heritage advisory agencies. No changes have been made to this relief at the Budget. Information about tax relief for national heritage assets can be found at https://www.gov.uk/guidance/tax-relief-for-national-heritage-assets.