UK government receives record £65m art gifts in lieu of inheritance tax
Portrait with Candelabra by Leonard Rosoman (1968) Photo: Courtesy of Pallant House Gallery A sunkissed Pissarro painting, a Queen Anne wine cistern and six etchings by Rembrandt are all gifts that have been bestowed upon the UK's public collections this year as part of the government's Acceptance in Lieu (AIL) tax scheme, which brought in a record £65m in 2020 according to a report by Arts Council England. AIL allows for inheritance tax debts to be written off in exchange for the acquisition of objects of national importance. Its younger sibling the Cultural Gifts Schem...
Source: theartnewspaper.com