Art for the people and a reduced inheritance tax bill

Art for the people and a reduced inheritance tax bill

Art for the people and a reduced inheritance tax bill

by | Inheritance

Barney Bubble, punk artist and graphic designer was once described as “the missing link between pop and Culture”.  The 80s artist is back in the news, as he becomes the newest artist to be donated to the UK public in an inheritance tax alternative payment.  The UK AiL scheme received £65 million worth of art and cultural treasures in 2019-2020.  What is it and where are these treasures now?

The UK government scheme allows for individual’s inheritance tax bills to be paid by accepting cultural gifts and art in lieu of cold, hard cash.  These treasures are then owned by the UK public and added to public collections.  Thanks to the scheme, Manet, Rembrandt and Chagall paintings are now available to view in galleries and museums across the UK.  Indeed, 2/3s of the art is held in institutions outside of London.

It’s not just paintings paying those tax bills, archives of important historical figures have been received.  The archives of the barrister who defended Penguin’s publication of Lady Chatterley’s Lover are now housed at the University of Sussex.

The National Museums Scotland is now the proud home of ‘Lizzie the Lizard’, the oldest known reptile fossil, part of a collection of 50 West Lothian fossils received in the AiL scheme.

So if you have a Picasso in the loft, now might be the time to dust if off, have it valued, insured and consider its potential value in your inheritance tax planning.  And if you don’t have an old master, maybe you can just enjoy those that the UK public now own, thanks to AiL.

 

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