It has recently been reported that nearly £125 million worth of art has been handed over to the UK government in lieu of tax liabilities between the years 2009 and 2013. This is the result of the government’s ‘acceptance in lieu’ scheme (AIL), whereby works of art can be transferred to the state in order to offset inheritance taxes, as well as the more recent ‘cultural gifts scheme’ (CGS), whereby taxpayers can donate works to the state for the same purpose during their lifetimes. The government can now accept in total up to £30 million a year between the two schemes.
To help us understand more about the workings of AIL and the CGS, there will be an Institute of Art and Law study forum taking place in London on Saturday, 18th October 2014. The AIL/CGS topics will be covered by Ruth Cornett (Heritage & Taxation Director, Christie’s) and Elizabeth Emerson (Associate, Olswang).
Watch this space for further details about the event, which will cover a range of topics from online art auctions and authentication to historical copyright and dealing in looted antiquities.