National heritage: background
For many years, it has been the policy of successive Governments that certain assets which fall within the broad description of `National Heritage’ should be relieved from capital taxes. This relief first related to duties payable on death, for example, Estate Duty. A similar relief was introduced for Capital Gains Tax when that tax was introduced in 1965.
The reliefs apply only if certain conditions are met. The broad aim of these conditions is to ensure that the general public have access to the asset, that the assets are properly maintained and that they are retained in the UK.