The provision of professional certified valuation documents is a core element of our business. We specialise in creating valuations of art, antiques and jewellery for a number of purposes, including:
- Inheritance Tax (probate)
- Capital Gains Tax
- Gift & Rental
- Family Division
- Private Treaty Sales
- Current Auction Estimates
Products and services based on today’s tax and asset management requirements
Lyon & Turnbull work closely with an increasing number of UK based professional advisors, including lawyers, accountants, insurers, private bankers, art advisors, estate managers and many others.
We regularly speak to our clients, both private and professional, to review the services we offer; taking into account legal and regulatory changes, information technology developments or other circumstances which may affect requirements. As a result we are able to respond quickly to our clients’ needs on an informed and experienced basis, and are consistently rated as amongst the best valuation providers by industry professionals.
Recognising that clients often have exacting schedules and may be operating under difficult circumstances, we provide a quick and efficient service, competitive in both cost and speed of delivery.
Our service: reliable, discreet and knowledgeable
Each member of our specialist valuations team has years of experience providing fair market valuations. They work in partnership with our various specialist departments to ensure that the knowledge and expertise applied to each valuation is of the highest standard.
To find out more or if we can be of assistance, please contact our Valuations Team.
Auction Estimate Request
If you would like an item valued for sale at auction please use our free auction estimate service
ISSUE 5 | NOVEMBER 2017
Global Transparency: A Brave New World | Annis Lampard, Deloitte LLP
The past decade has seen a rapidly accelerating trend towards automatic data exchange and the transparency of personal, corporate and trust asset wealth. This article provides an overview of some of these recent trends, how governments have responded to them (using the UK as a case study) and the impact of both global and jurisdictional policies on those potentially affected.
Privacy - The Unaffordable Luxury | The Trust Register | Laura Dadswell, Penningtons Manches LLP
As trustees are about to find out, the international and domestic initiatives which have been put in place to tackle the twin evils of tax evasion and proceeds of crime being laundered through complex offshore transactions have caught private family financial arrangements in the cross fire. In the current climate, to insist on financial privacy is treated as tantamount to giving a carte blanche to tax evaders and terrorist money launderers. We are not far off from the day where all details of the trustees and the beneficiaries and of all assets (and their value) will be kept on a publicly searchable register, for all to see.
Worked Ivory Update
While the sale of raw ivory of any age is prohibited, it is still legal at present in the UK to sell ivory worked before 1947. New proposals announced by Michael Gove, the Environment Secretary, on 6 October, would remove this general exemption and replace it with four new narrow exemptions.
Art Business Conference 2017
Lyon & Turnbull attended the Conference on 06 September. Key topics were the fate of the Art & Crimes Unit, the Art Market in India, and the Art Market post Brexit.
Deloitte & ArtTactic Art & Finance Report 2017
According to this 5th edition, services related to art and collectibles are now becoming a natural part of the wealth manager’s service offering as wealth managers take a more holistic approach to their clients’ assets. For the first time, almost nine out of ten of the wealth managers surveyed said art and collectibles should be included as part of a wealth management offering.
Credit Suisse Global Wealth Report
The eighth edition of the Credit Suisse Research Institute’s Global Wealth Report not only provides a comprehensive annual update of global household wealth development by segment and region, it also takes a close look at the evolution and prospects of the highly appraised millennial generation, whose members came of age after the turn of the 20th century.
ISSUE 4 | SEPTEMBER 2017
Street Art - Finders Keepers? | Jonathan Colclough & Kitty Sokol, New Quadrant Partners
Street Art and graffiti raise particular issues of ownership and provenance, but with the work of some street artists fetching considerable sums, these issues need to be clearly understood. Bidding for the Banksy mural known as “The Painter” in Notting Hill was bid up to £1 million in 2008 but is now estimated to be worth £2.3 million.
As the prices and popularity of street art and graffiti rocket, sellers and potential buyers should be aware of the pitfalls surrounding this medium.
Lady with an Ermine: intentions and purposes in holding, managing and selling art collections | Alan Eccles, Brodies LLP
The sale in December last year of the Czartoryski Collection highlights the importance of foundation governance, and raises consideration of ‘ethical’ and purposes-led decisions, the intentions of those creating collections, trustee decision-making processes and investment considerations in the formation and management of collections.
Provision of non-monetary benefits by offshore trustees to UK beneficiaries | Robert Drysdale, Rooks Rider Solicitors LLP
The aim of the new benefits provisions is to address areas not covered by existing legislation which allow taxpayers some leeway to avoid or reduce any tax payable for the use of such benefits. What are the proposed valuation principles and how can the tax charge be managed?
Valuations News | Issue 4 | Sept 2017
BULLETIN | AUGUST 2016
The 2015 Insurance Act: Good faith and accuracy of material information | Implications of contents underinsurance | John Sibbald, Consultant, Lyon & Turnbull
The Insurance Act 2015, which is the result of a joint review by the Law Commission and Scottish Law Commission into insurance law, comes into force this month. Together with the 2013 consumer insurance reforms, the new Act represents the greatest change to insurance contract law in this country in over 100 years. It will amend certain key sections of The Marine Insurance Act 1906, although it is worth noting that this Act has not been repealed.
ISSUE 3 | MAY 2016
Scottish Taxation and Scottish Taxpayers – The Next Instalment | Alexander Garden, Partner, Turcan Connell
Since June last year there have been two further significant developments in relation to taxation controlled by Holyrood or affecting Scottish taxpayers. Alexander Garden examines where we are now and the likely further direction of travel.
From Egypt to Glasgow: Holding and Contributing to Public Art | Alan Eccles, Partner, Brodies LLP
The Burrell Act raises wider points that are emphasized by the Northampton sale of the statue of Sekhemda, which are important for those wishing to donate art to the public as well as those running and leading public museums and galleries. Whatever legal mechanism is used for the philanthropic action, it should be made clear how any modifications can be made, and by whom.
Gift of Chattels – The Tax Implications | Peter Young, Partner, Johnston Carmichael
There are a number of issues and pitfalls to be aware of when making gifts of chattels during your lifetime which can undermine the tax efficiency of such gifts, particularly should you gift an asset during your lifetime, but retain possession or use of the item.
Updates, News & Comments
A series of updates including news from the Birmingham Assay Office, CITES update, Hiscox Online Report, an Art Inheritance Tax update and much more
Valuations News | Issue 3 | May 2016
ISSUE 2 | JUNE 2015
Tax and National Heritage | Selling Off the Family Silver: The Advantages of Sale by Private Treaty | Moira McMillan | June 2015
What choices will be faced if the owner is in the position of wishing to sell heritage assets to raise money? If the money is not required to fund a tax charge, a Private Treaty sale to approved government bodies such as museums and galleries is an option which could leave the owner with a better net cash result than a “normal” sale at auction.
Potential Pitfalls of Giving | Lianne Lodge | June 2015
Making gifts can be a useful strategy as part of tax planning. However, there can be pitfalls for the unwary. The author sets out what some of these are, reminding would be donors of the need for professional legal, tax and valuation advice.
Scottish Devolved Taxation: where are we now? | Alexander Garden & David Welsh | June 2015
This article examines the changes being brought about in relation to income tax by the 2012 Act and, in particular, to review the way in which these provisions might act as a foundation for future devolution of taxation powers to the Scottish Parliament, especially in light of the Smith Commission’s suggestions on the matter.
The Changing Landscape of UK Wealth - The move to alternative asset classes | John Sibbald | June 2015
Wealth in the UK is now not only more international, more diverse and more driven by entrepreneurship rather than inheritance, but the move by the wealthy into art, antiques, jewellery, wine and other collectibles as alternative asset classes has brought an increased requirement for ancillary services.
Valuations Newsletter | Issue 2 | June 2015
ISSUE 1 | MARCH 2014
Scottish Revenue | Bill Pagan | March 2014
HMRC, directed by the Chancellor and the Treasury, has for some years been saying that tax avoidance is pretty well the same as tax evasion - in other words much “Tax Planning” is unacceptable. There is now a General Anti Abuse Rule (GAAR) for most UK taxes. Scotland has been given responsibility for some taxes of its own. So what is the Scottish Government’s approach? What powers does it plan to give to the Scottish equivalent of HMRC – “Revenue Scotland”? In addition to administrative essentials, substantive Anti-Avoidance powers will be granted to it.
Statutory Residence – A New Regime in the UK | Patricia Mock | March 2014
The new statutory residence test offers a great deal more certainty to internationally mobile individuals who need to determine their residence status. However, there are a large number of thresholds to consider and the more ties an individual has, the fewer days of UK presence are allowed before being treated as resident. Careful consideration of the rules is likely to be vital in very case.
Chinese Walls & Chinese Vases | John Sibbald | March 2014
In the current fiscal climate, accurate and up-to-date chattel asset valuations have never been more important. Not only will they help to ensure sound tax planning, but with HMRC’s increasing focus on perceived tax evasion through chattel under valuation and misuse of the Nil Rate Band, they may also help avoid costly and time consuming investigations.
Unoccupied Property Insurance | Ian Burrell | March 2014
Lyon & Turnbull has arranged an affordable solution to this recurring problem that provides an all risks cover for buildings, contents and valuables. Operated by Berkeley Heritage Insurance, a team of trained insurance professionals will guide you through the process quickly – “Best – by far – for customer service” – Karen Wilson, Property Manager, Drummond Miller, solicitors - Edinburgh.
Hamilton Palace - Power House - Treasure House | Godfrey Evans | March 2014
National Museums Scotland has always been interested in acquiring works from Scotland’s largest and greatest powerhouse and treasure house. Since the great sales of the contents in 1882-84 and 1919, many Hamilton items have entered the national collection in Edinburgh, and the flow has steadily increased over the last forty years. With the encouragement of the National Museums and the Virtual Hamilton Palace Trust a number of research projects are currently focussing on archival research on the collections. Interest can only increase with the announcement that the Trustees of National Museums Scotland have now agreed to mount a large-scale exhibition on the Dukes of Hamilton and Hamilton Palace.