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

Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

1m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

3m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

4m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

5m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

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

6m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

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

6m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

8m Alia Shoaib, Reporter
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

9m Emma Smith, Managing Editor