TaxPersonal TaxArt works used to settle tax bills

Art works used to settle tax bills

Museums, universities and art galleries stand to benefit further from art works obtained by the government under the 'acceptance in lieu scheme'.

Under the acceptance in lieu provisions, objects of important national, artistic, historic or scientific interest can be used in whole or part satisfaction of inheritance tax owed to the government.

Last year the scheme helped secure Piet Mondrian’s ‘Composition B with Red’ for the Tate gallery.

Works so far obtained under the scheme include five important sculptures by the eminent twentieth century artist, Barbara Hepworth, satisfying £1,253,726 of tax and a pair of George III giltwood armchairs designed by Robert Adam and made by Thomas Chippendale, worth £866,726 of tax.

Announcing the acceptances, Alan Howarth said: ‘This splendid selection of objects will enrich many of our national and regional collections and give everyone in the country the opportunity to enjoy them.’

‘I am delighted that the acceptance in lieu scheme continues to secure so many items for all to see in Britain’s public collections.’

Among those institutions benefiting from the scheme are the Walker Art Gallery in Liverpool, Cambridge University and the Victoria and Albert museum.

Links

Art settles tax bill

DCMS press release

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

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

2m 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?

4m 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

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m 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

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

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

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter