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Edited by John R on July 25, 2024, 5:12 am
In many countries you can't offset the value 100%. F.I. if the value of the items is 500k it only covers 400k in death duties owed.
That's why its so important to put these items in a Trust.
Its possible the Gloucesters already placed the large items in a trust to avoid having to pay death duties at some point. On the other hand it might represent the only part of an inheritable fortune that is left.... then a sale is most likely. Some of these pieces could fetch high prices. There are plenty of super rich in India and the Middle East for instance who would love to own pieces formerly owned by the BRF.
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Donated to the nation means in lieu of death duties. If you owe, say, 50,000 in inheritance tax, you can donate something to a museum (the nation) instead of handing over the cash. It's a pretty handy alternative, if you're rich in inherited belongings with no cash to manage them or pay the bill.
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on July 25, 2024, 5:11 am, in reply to "