TaxPersonal TaxLongleat estate clears tax bill with art gifts

Longleat estate clears tax bill with art gifts

Lord Bath, the eccentric head of the Longleat estate, has wiped out a £5.4m tax bill by giving eight paintings to the government.

The works of art, however, will remain in situ at Longleat.

The deal was just one of 24 revealed by arts minister Estelle Morris yesterday as part of the launch of the Museums, Libraries and Archives Council annual report.

The Acceptance in Lieu scheme enables art and antiques owners to offer items to the nation rather than pay inheritance tax.

Heritage objects and land worth £21.7m was saved, and just under £15m of tax was satisfied.

Works that were acquired include two pieces by Constable, Turner’s ‘The Chain Bridge over the River Tees’, and the photographic archive of explorer and traveller Sir Wilfred Thesiger.

‘The government’s Acceptance in Lieu Scheme continues to be a huge success, saving important works of art and other culturally important items for the nation,’ said Morris.

Mark Wood, MLA chairman, said: ‘The range of material that has been saved for the nation this year reflects the enormous diversity of our cultural landscape.’

Related Articles

HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

1w Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2w Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

2m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

4m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

4m Emma Smith, Managing Editor
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

3m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

3m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

3m Alia Shoaib, Reporter