UK Arts Institutions Receive Record $87 Million in Taxpayer-Donated Works
December 21, 2020 at 1:00pm British taxpayers donated artworks worth a record-breaking total of $87 million to UK arts institutions this year as part of the government’s Acceptance in Lieu (AIL) tax program, which allows individuals gifting works of national importance to UK institutions to write off inheritance tax debt, The Art Newspaper reports. According to Arts Council England, the scheme gained significantly in popularity this year, as did the Cultural Gifts Sch...
Source: artforum.com