Tax incentives

Designated collection at Bristol Central

Tax incentives

There are two schemes geared towards offering tax incentives in connection with cultural property.

Acceptance in Lieu

The Acceptance in Lieu scheme enables taxpayers to transfer important works of art and other important 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 then becomes the property of a public museum, archive or library.

Private Treaty Sales

A Private Treaty Sale is the purchase by a public museum or gallery in the United Kingdom and Northern Ireland of an item which has been granted Conditional Exemption from Inheritance Tax (or one of its pre-decessors), at a price which is beneficial to both public purchaser and private vendor.

Related links
acceptance in lieu
The Scheme enables taxpayers to transfer important works of art and heritage objects into public ownership while paying Inheritance Tax.
private treaty sales
Items can be purchased by a Schedule 3 body price which is beneficial to both public purchaser and private vendor under the Private Treaty Sales arrangement.
items for allocation
Once an object has been accepted in lieu, it is sometimes available to be allocated to an institution, if conditions have not already been set.