Taxation of Chargeable Gains Act 1992 Schedule 11 paragraph 20

Works of art etc.

Paragraph 20 preserves the operation of earlier relief provisions for works of art in connection with estate duty for deaths occurring before 13th March 1975, despite the repeals made by the Taxation of Chargeable Gains Act 1992.

• Sections 31 and 32 of the Finance Act 1965 provided relief relating to works of art for estate duty purposes.
• The Taxation of Chargeable Gains Act 1992 repealed various earlier enactments, including provisions of the Finance Act 1965.
• Despite those repeals, sections 31 and 32 continue to apply in their pre-13th March 1975 form where estate duty arises on deaths before that date.
• This saving provision ensures that existing estate duty treatment of works of art is not disturbed for historical cases predating the introduction of capital transfer tax on 13th March 1975.