- Date: 14 November 2013
- Area: National
Today 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.
In 2012/13 30 cases have been allocated, including:
The Acceptance in Lieu scheme allows those who have a bill for Inheritance Tax to offset part of those taxes by donating important cultural, scientific or historic objects to the nation. The items accepted through this scheme are allocated to public collections and are available for everyone to engage with and enjoy. Items have been allocated across the UK, ranging from some of our smallest museums and galleries to national institutions.
Sir Peter Bazalgette, Chair Arts Council England, said:
‘In 2012/13 the Acceptance in Lieu scheme brought treasures with an unprecedented commercial value into the national collections. If their sale had been on the open market, these works of art might have been lost to us forever: instead, this report details the beautiful and fascinating objects that can now be enjoyed by the public.
‘The first Cultural gift; lyrics written by John Lennon and donated by Hunter Davies, have found a permanent home at the British Library. The scheme is an important element in the Government’s range of tax incentives to encourage philanthropy, and allows individuals and companies to reduce substantially their income or corporation tax liabilities, according to the value of the gift. We’re grateful to Hunter Davies for getting the scheme off to a terrific start and I hope that others will be inspired to follow his lead.’
Culture Minister Ed Vaizey said:
‘The Acceptance in Lieu Scheme is a fine example of a win-win-win situation. The owner of the item accepted gets a discount on their tax bill, a museum or gallery gains an important new acquisition for their collection, and the public get a chance to enjoy it free-of-charge, often for the very first time. This year we have had a really fine selection of items accepted and, with the new Cultural Gifts Scheme coming on-stream this year, the promise of even greater things to come.’