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.

Acceptance in Lieu

The Scheme enables taxpayers to transfer important works of art and heritage objects into public ownership while paying

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...

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

Responsibilities transfer

From 1st October 2011, this site will not be updated, so please treat it as the static archive it is. This is because <a target="_Blank" href="http://www.artscouncil.org.uk/">Arts Council England</a> has now taken over museums and libraries responsibilities. <a target="_blank" href="http://www.nationalarchives.gov.uk/">The National Archives</a> has assumed responsibility for strategic leadership of the Archives sector. Arts Council responsibilities will also now include the Renaissance programme, Museum Accreditation, and Library Development, together with cultural property services such as Export Licensing and the Acceptance in Lieu scheme. The National Archives has assumed responsibility for providing strategic leadership to the archives sector and advising government on its development. The MLA is now winding down, with a skeleton staff remaining until May 2012 to complete the management of existing Renaissance contracts, complete outstanding financial and contractual arrangements and prepare for the appointment of a liquidator. This website will remain live until 31st March so that the public still has full access to the material on it – good practice case studies, toolkits, guidance and a range of other publications. Continue reading

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.