Carved chinchilla by Fabergé acquired by the V&A under the Cultural Gifts Scheme

Record acquisitions under Acceptance in Lieu and Cultural Gifts Scheme

Elena Chabo, 19.12.2017
Acquisitions include Fabergé animals and rare Monet pastel
A record 44 important cultural objects have been accepted on behalf of the nation under the Cultural Gifts Scheme (CGS) and Acceptance in Lieu (AIL) this year. Up from 36 last year, 2016-17 saw the highest number of cases since AIL began in 1910, totalling a market value of nearly £40m.

Among this year’s 38 AIL acquisitions are an early masterpiece by John Singer Sargent, Wineglasses, temporarily allocated to The National Gallery, London; a Louis XVI ormolu clock, once part of the collection at Hamilton Palace, allocated to National Museums Scotland; and Étretat, L’Aiguille et la Porte d’Aval, a rare pastel by Monet, which is going to National Galleries Scotland.

Six cases were accepted by the CGS in 2016-17, down from 13 last year. A donation including nine works by Fabergé was gifted to the V&A, four of which were carved animals once belonging to Queen Alexandra, wife of King Edward Vll. Also gifted were a collection of over 850 items documenting the life of engineer Isambard Kingdom Brunel that have been allocated to the SS Great Britain and will go to the new Being Brunel museum, opening in Bristol in 2018.

The Acceptance in Lieu scheme allows donors to offset their inheritance tax, capital transfer tax or estate duty bill by offering culturally, historically or artistically significant objects to public institutions in lieu of payment. Tax on the object is reduced by 25% making its value as a tax settlement higher than a private sale and securing objects of national importance for public collections.

The Cultural Gifts scheme offers a tax reduction to people who donate objects in their lifetime, 30% of an object’s agreed value (20% for companies).

Links and downloads

Cultural Gifts Scheme and Acceptance in Lieu Annual Report 2016-17


Comments