Ep. 5 Signed & Sealed: Saving treasures & tax: understanding heritage assets

In this episode, our experts explore the world of heritage assets and the tax reliefs that help preserve culturally significant items for future generations. Welcome to Signed & Sealed, the go-to podcast from Foot Anstey for everything succession and tax. Join our expert team and guest speakers as we dive into the big questions and the finer details around planning for the future. From smart succession strategies and wealth preservation to wills, power of attorney, probate and beyond, this series offers practical insights, expert tips and real-world advice to help you stay one step ahead. In our fifth episode, our experts explore the world of heritage assets and the tax reliefs that help preserve culturally significant items for future generations. Partner, Rachel Brooks and Managing Associate, Robert Davies are joined by Harvey Cammell, Deputy Chairman of Bonhams UK, to discuss how conditional exemption and the Acceptance in Lieu scheme work, the criteria for “pre-eminence,” and how families can use these reliefs as part of their wider inheritance tax planning. What's in this episode? This episode explores why heritage relief is becoming more valuable following recent Budget changes and how it can help families protect culturally significant items while mitigating inheritance tax. Our experts outline what items qualify, how the assessment process works, and the practical steps involved in valuations and submissions. With insights from Bonhams and real case studies - from major art collections to historic archives - we cover key risks, timelines, intergenerational planning considerations and how the Acceptance in Lieu scheme (including the “douceur”) can offer additional tax benefits.