Artful dodging or tax bodging?

Ever fancied swapping a hefty tax bill for a steady stream of curious visitors wandering through your hallway? Believe it or not, some folks have gone to remarkable lengths – throwing open their doors to Joe Public – all in the name of trimming down their future inheritance tax.

Between 2019–20 and 2024–25, more than £1.05 billion worth of art, land, and buildings  were exempted from inheritance tax (IHT) using the little-known Conditional Exemption Tax Incentive scheme.

At its core, the scheme aims to protect Britain’s cultural and historic assets from being lost to private sale or overseas buyers. Owners of items with recognised historic, artistic, or scientific importance can claim exemption from IHT – and in some cases, capital gains tax – provided they meet strict conditions.

To qualify, owners must keep the assets in good condition and allow reasonable public access. This can include opening a stately home to visitors, loaning artwork to a museum, or maintaining natural land for public enjoyment. In theory, it’s a trade-off: the taxpayer gives up revenue, but the public gains access to heritage that might otherwise disappear from view.

The sums involved are substantial. According to HMRC figures, 3,888 objects and properties were accepted into the scheme during the past five years, with an average value of around £270,000 each. The £1.05 billion headline figure refers to the total value of these assets – not the tax actually saved.

The real fiscal cost to the Treasury, according to HMRC’s own estimates, was £225 million over the same period. Advocates describe the scheme as a “cost-effective safeguard” that prevents the break-up of family estates, protects national treasures, and supports rural conservation. The list of exempted items ranges from paintings by Rubens and Picasso to country estates, sculptures, and historic manuscripts. Many of these are open to visitors or loaned to public collections, enriching the cultural landscape far beyond their private ownership.

However, transparency and accountability remain weak points. Critics note that the public access database maintained by HMRC is poorly managed. In some cases, contact information is out of date – even listing owners who have since died. Others report that supposedly accessible properties are impossible to visit, or that listed items have been sold, missing, or even stolen. If you want to see what is available in your local area you can search here: Visit UK heritage

Supporters and detractors agree on one thing: the principle of preserving heritage is sound. But the system’s credibility depends on public access being meaningful, not just an empty promise. As the value of art and land continues to rise, ensuring that tax reliefs deliver a genuine cultural benefit – rather than serving as a loophole for the wealthy – will remain under scrutiny.

But for now, it’s unlikely that my set of NatWest pigs, Toby jugs, or Dogs Playing Poker framed print from the 80s will qualify for the scheme – so for those wanting a peek, you’re out of luck!