TaxPersonal TaxFamous artwork sacrificed to pay off inheritance tax bills

Famous artwork sacrificed to pay off inheritance tax bills

HMRC buys famous artwork to pay off hefty inheritance tax bills

Millions of pounds of artwork, including pieces by Picasso and Barbara
Hepworth, have been accepted by HM Revenue & Customs as payment in lieu of
inheritance tax.

Totalling £25.2m it is the largest purchase of artwork for the nation – more
than other methods combined.

Pieces purchased include two wooden sculptures by Barbara Hepworth, a print
of The Weeping Woman by Picasso, and a Stradivarius violin.

Last year Lord Bath, the eccentric head of the Longleat estate, wiped out a
£5.4m tax bill by selling eight paintings to the government. The works remain on
display for the public to enjoy.

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