Transition period for collectables and personal use assets expires 1 July 2016 | Accurium

Technical article
From 1 July 2011 collectables and personal use assets became subject to stricter rules regarding use, leasing, storage, insurance and valuation. At 1 July 2016 the transition period for compliance with the new regulations expires. Collectable and personal use assets are often rare and valuable. Difficult decisions need to be made regarding whether to retain or sell pre-1 July 2011 assets and having these conversations now will give trustees time to make the necessary arrangements by 1 July 2016.