Cookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.
Family heirlooms could reduce your inheritance tax liability
Newsletter issue – October 2026
Certain family heirlooms, artworks, manuscripts, collections, land, or historic estates can significantly reduce - or even eliminate - inheritance tax (IHT) if they qualify as items of national importance and are kept under specific HMRC schemes.
These objects of outstanding national, scientific, historical, or artistic importance are known as 'pre-eminent items'. These items can reduce inheritance tax because the UK has long-standing exemptions for works of art, originally introduced to prevent important pieces being sold abroad.
Two key schemes now exist: Conditional Exemption and Acceptance in Lieu. For the former, if an item is accepted as being of national importance, its value can be deducted from the estate, meaning no IHT is due on it. However, the owner must meet strict conditions: keep the item safe, keep it in the UK, publicise it, and make it accessible to the public (e.g., through viewings or loans to museums).
The scheme is designed to encourage families to retain heirlooms while ensuring public benefit. Many people assume they must sell valuable items to reduce their estate size but keeping culturally significant objects can be financially advantageous under these schemes.
Acceptance in Lieu is different in that you relinquish ownership of pre-eminent items to settle all or part of your IHT bill (you receive a tax credit).
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
Please complete our form
to request a callback
Competitive fixed quotes
for agreed services
Increase your profit and
reduce tax liabilities
Expert advice for your
business size
