Tax

Art Worth £40m Gifted by Families to Settle Inheritance Tax

Families have handed 50 art works of major cultural significance worth more than £40 million to the nation to pay inheritance tax (IHT) after the death of their owners.

The list includes masterpieces by painters Sir Joshua Reynolds, JMW Turner and Peter Paul Rubens.

The Arts Council England has published a list of works donated over the past two years.

Liz Forgan, who chairs the council, said: “The range and quality of objects donated during the two years covered by this report is as impressive as ever – from masterpieces of European painting by Rubens and Turner, and the Capel Garman firedog created in Wales two millennia ago, through to the artistic achievements of the last few decades represented in three exceptional paintings by Keith Vaughan whose centenary is being celebrated this year.

“Philanthropy has always played an important part in contributing to this country’s cultural heritage. We want to encourage more people to donate through the IHT scheme so that our nation’s public collections are further enriched for the benefit of audiences throughout the country.”

Paintings, books and jewellery donated

The gifts include:

  • Two paintings by the influential 18th century English painter Sir Joshua Reynolds
  • Two watercolours by JMW Turner
  • The only known Ottoman jade tankard to be held in a UK collection
  • A comprehensive archive of the works of the author JG Ballard, whose works include Empire of The Sun
  • Anni’s necklace, designed by the famous jeweller Charlotte de Sylas
  • A specimen of a rare form of the mineral prehnite
  • A selection of awards made to the playwright Harold Pinter

The Acceptance in Lieu (AIL) scheme allows families with IHT bills to set off some of the payment by donating important cultural, scientific or historic objects to the nation.

Cultural Gifts Scheme

Accepted works go on show in public collections for everyone to enjoy.

Over the past 10 years, about £215 million of works have been donated to the nation.

Culture Minister Ed Vaizey said: “The AIL scheme has been responsible for some incredible treasures entering museums and galleries around the nation where they can be enjoyed by all. It’s not just the large national museums that benefit – some of our smallest galleries have been allocated stunning works.

“The introduction of the new cultural gifts scheme in the next few months will be instrumental in ensuring this stream of wonderful objects, paintings and artwork into our institutions not only continues, but increases significantly. This will support lifetime giving by generous donors and further enhance our public collections.”

Leave a Comment