Inheritance tax and watches.
Losely watch related, but does anyone know if watches are free from inheritance tax?? Just a casual question for the sake of interest really as I was chatting so someone at work the other day (who is considerably richer than I) who reckoned that the price of shotguns which he is really into - Holland and Holland, Purdey etc - was going through the roof as they are free from inheritance tax and old people are buying them to leave in their wills, the reasoning being that they are a mechanical item. He also reckoned that watches and even possibly cars would fall into this same bracket.
I can’t see it personally, seems like a load of old cobblers. I have had a quick look for some info on the internet but can’t find anything. Just wondered if anyone knew anything about this or whether it was just the usual man-rubbish talk.
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Inheritance tax and watches.
I recall the phrase “ wasting or deprecating , asset “ where mechanical maintenance need to be applied to vintage cares , clocks and horological items as far as death duty application is / was concerned.
It would be very useful if one of the members could provide a “ timely “ update of the current legal status .
Thank you to the original poster of this question.
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