UK Government Unveils Items Acquired Under IHT Scheme

by Jason Gorringe, Tax-News.com, London

28 July 2004

Speaking following the release of the Museums, Libraries and Archives Council's annual report at a reception held last Wednesday, the UK's Arts Minister, Estelle Morris revealed that heritage items and works of art worth more than £21 million will be made available to the public, several for the first time, thanks to the Acceptence in Lieu (AIL) system.

The system, upon which the government is advised by the MLA, allows the owners of such objects to offer them to the nation instead of paying inheritance tax.

According to the MLA, 24 items were accepted under the scheme over the past year, including two works by Constable, a Turner watercolour, a bronze statuette sculpted by Sir Alfred Gilbert, a collection of 57 Scottish portraits, and over 500 acres of land.

Praising the Acceptance in Lieu system as a "huge success", Ms Morris went on to observe that:

"The things we are saving today range from an exquisite study by John Constable, through to a glorious stretch of historic landscape in Wentworth. Large or small, each will now be available for everyone to enjoy for all time."

Recommended