Exemption of heritage property from gift or inheritance tax
There is an exemption from gift or inheritance tax on gifts and inheritances of pictures,
prints, books, manuscripts, works of art, jewellery, scientific collections or other
things not held for the purposes of trading where the following conditions are
satisfied:
(1) the property is of national, scientific, historic or artistic interest;
(2) the property is kept permanently in the State; and
(3) reasonable facilities for viewing are allowed to members of the public or to
recognised bodies or to associations of persons.
A specific claim must be made to Revenue for this exemption.
This exemption also applies to houses and gardens in the State not held for the
purposes of trading in respect of which:
(1) reasonable facilities for viewing were allowed to the public during the three
year period prior to the date of the gift or inheritance; and
(2) in respect of which reasonable facilities for viewing are allowed to the public
following the gift or inheritance.
Subject to revenue pre-approval and conditions
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie