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    Tax exemption for public access to treasured artworks is 'a racket'
    UK owners of 115,000 works don't pay inheritance or capital gains tax if they allow public access, but viewing proves difficult

    Rossetti's A Christmas Carol is on the list of tax-exempted artworks. It sold at auction for £4.5m earlier this month. Photograph: Sotheby's
    A little-known art and heritage tax exemption scheme designed to allow the British public access to a treasure trove of privately owned works has been described as a racket in urgent need of reform.

    More than 115,000 works, from Roman busts to Titians and important Pre-Raphaelites, are listed on a rarely publicised database operated by Her Majesty's Revenue and Customs (HMRC). Their owners are exempted from paying inheritance tax or capital gains tax on them as long as they allow public access.

    Full story Guardian

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