Tuscan Girl by William Holman Hunt. Photo: Robert Holden Fine Art Agents

Acceptance in Lieu scheme secures 29 objects

Tom Marsh, 10.12.2015
Objects obtained for the Nation worth almost 40m
Twenty-nine items worth almost £40m have been donated to the nation this year under the government’s Acceptance in Lieu and Cultural Gift schemes, following the cap being raised from £30m.

These included William Holman Hunt’s Tuscan Girl Plaiting Straw, which has been allocated to the Lady Lever Gallery; 37 paintings by Winston Churchill, two of which have been donated to the Imperial War Museum, the rest to the National Trust for retention at Chartwell; and John Constable’s The Valley Farm, one of several of his paintings of a cottage on the river Stour and his first oil to enter the Ashmolean’s collection.

Other items include a selection of Margaret Thatcher’s papers donated to the Churchill Archives Centre, containing a 128-page handwritten memoir of the Falklands War written over Easter 1983; and the collections of Christopher Lennox-Boyd, a print collector who died in 2012. His collections of mezzotints, ephemera, fans, shoes, framer’s labels, textiles and printed handkerchiefs from 1700-1900 have been distributed to various institutions, including the Victoria and Albert Museum, Bodleian Library and Fitzwilliam Museum.

Founded in 1910, the Acceptance in Lieu scheme allows donors to offset their inheritance tax liabilities by donating culturally, historically or artistically significant objects to public institutions. The donor is given the full open market value of the item, which is then allocated to a public museum, archive or library of their choice.

The Cultural Gifts scheme, launched in 2013 and administered by the Arts Council England (ACE), offers a tax reduction to people who donate objects in their lifetime. 30% of the agreed value of the object can be set against the donor’s income or capital gains tax. Companies will be given a relief of 20% of agreed value to offset against corporation tax.

Edward Harley, the chairman of Acceptance in Lieu panel, said: “The increase in applications to the Cultural Gifts scheme is particularly encouraging. We had one donation in 2013 and four in 2014, and we can now announce a further increase to six.”

Comments

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Anonymous
MA Member
10.12.2015, 20:00
You can't really describe someone as donor when they or their beneficiaries are receiving the benefit of the open market value of their items to set against their tax bill.