|Date:||14 November 2013|
|Artform:||Libraries, Museums, Visual arts|
|Subject:||Cultural property, Libraries, Museums|
We have published our annual review for the Acceptance in Lieu scheme, which has introduced £49.4 million worth of treasures into the public collections of the country this year. For the first time, the review also includes items accepted through the Cultural Gifts scheme.
The Acceptance in Lieu scheme enables taxpayers to transfer important works of art and other heritage objects into public ownership while paying Inheritance Tax, or one of its earlier forms. The taxpayer is given the full open market value of the item, which is then allocated to a public museum, archive or library.