HL Deb 14 December 1981 vol 426 c78WA
Lord Melchett

asked Her Majesty's Government:

What level of "douceur" is available as relief from capital transfer tax to owners of (a) historic buildings, and (b) art treasures who sell these buildings or objects to a recognised heritage body, and whether they will make a statement.

The Earl of Avon

The private treaty sale of a building of outstanding historic or architectural interest, or of works of art of national interest, to one of the bodies listed in paragraph 12 of Schedule 6 to the Finance Act 1975 would not result in any charge to capital transfer tax or capital gains tax. The benefit of the exemption would be shared between the vendor and the acquiring body. In the case of buildings the vendor would receive a 10 per cent share of the benefit; in the case of works of art he would receive a 25 per cent. share. The differential is justified by the fact that neither buildings nor land can normally be exported.