97 Estate duty: objects of national, scientific, historic or artistic interest
Finance Act 2016 (2016 c 24) | Legislation

97  Estate duty: objects of national, scientific, historic or artistic interest

(1)     Section 40 of FA 1930 and section 2 of the Finance Act (Northern Ireland) 1931 (exemption from death duties of objects of national etc interest), so far as continuing to have effect, have effect as if after subsection (2) there were inserted—

“(2A)     In the event of the loss of any objects to which this section applies, estate duty shall become chargeable on the value of those objects in respect of the last death on which the objects passed at the rate appropriate to the principal value of the estate passing on that death upon which estate duty is leviable, and with which the objects would have been aggregated if they had not been objects to which this section applies.

(2B)     Where subsection (2A) applies, any owner of the objects—

(a)     shall be accountable for the estate duty, and

(b)     shall deliver an account for the purposes thereof.

(2C)     The account under subsection (2B)(b) must be delivered within the period of one month beginning with—

(a)     in the case of a loss occurring before the coming into force of subsection (2A)—

(i)     the coming into force of subsection (2A),

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