One of the benefits of wealth can be the acquisition and holding of art and antiques. Collections may be acquired in your lifetime or inherited within a family. They may range from old masters through to contemporary art.
In each case, you will be concerned that the ownership of your art and antiques is held correctly either personally or through an asset holding structure. You will also be concerned how to reduce the exposure to tax either on the acquisition or disposal of art and antiques.
Our experience extends to advising on the deferral and mitigation of capital taxes arising on a taxable event in respect of important chattels of pre-eminent quality. This can involve advising on the complex interaction of conditional exemption for Inheritance Tax and, in some rare cases, estate duty purposes together with the implications for Capital Gains Tax.
The approach of Ritchie Phillips has always been to provide advice which works both in the short and the long term as art and antiques are often an asset class passed from generation to generation.