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Sunday, November 17, 2013

Art in lieu of taxes

From the BBC

What a great idea.  Hand over objects of huge cultural value when handing over dosh is difficult.

Charles Darwin's letters and John Lennon's lyrics have been given to the public under a scheme which accepts cultural artefacts in place of tax.

Taxpayers also handed over sculptures by Barbara Hepworth and a painting by Mark Rothko through the Acceptance In Lieu scheme over the past year.

In total, 30 collections, worth £49.4m, were handed over in 2012-13, said Arts Council England.

Now owned by the public, they will be displayed in museums and libraries.

The scheme was created in 1910, and allows owners to use their cultural and historical artefacts to pay inheritance tax.

It was augmented this year by the Cultural Gifts Scheme, which allows people to give gifts to the nation for a reduction in income tax.

Barbara Hepworth's Rock Form (Porthcurno)
Barbara Hepworth's Rock Form (Porthcurno) is on display in Edinburgh

In both cases, they are given the full open market value of the item, which is then allocated to a public institution.

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