Jeremy Hunt’s ‘Acceptance in Lieu’ increase – a scheme accepting art in place of cash taxes – bodes well for the cultural fabric of Britain
The government today announced a scheme that promises enhance the cultural wealth of Britain and its galleries and museums. Jeremy Hunt – the Culture, Olympics, Media and Sport Secretary – announced today that the limit on the ‘Cultural Gifts’ and ‘Acceptance in Lieu’ scheme was to be increased from £20 million to £30 million. These schemes allow private individuals to give the state works of art or of historical importance in place of a proportion of their inheritance tax. The scheme incentivises the giving of art and cultural items to the state as artefacts by making them worth up to 17% more against the tax bill than by paying merely by cash. Moreover, the government offers the taxpayer the full market worth of the item at that current time, which offers some financial security for art owners in this current market, while also helping to expand the art collections of the country.
The Cultural Gifts and Acceptance in Lieu Schemes is designed to expand the cultural wealth of the Britain, as the gifts that are donated will eventually be redistributed to suitable galleries or museums around the country by ministers. In the last five years, the scheme has provided objects worth £140 million to public collections. With the budget for this increasing to £30 million, Britain can hope to see its cultural worth expand over the coming years, and galleries countrywide benefitting from private owners looking to cash in on their works of art. Words Michael Philo © 2011 ArtLyst
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