News

Reynolds portrait donated to the nation in lieu of inheritance tax

  • September 05, 2016 test
  • By Hunters Law

The Howard family has donated a portrait by Joshua Reynolds to the Tate Britain under the government’s Acceptance in Lieu (‘AIL’) scheme to settle a £4.7m inheritance tax bill.

An important portrait of the 5th Earl of Carlisle by Sir Joshua Reynolds, which has hung at Castle Howard in North Yorkshire for more than 200 years, has been accepted for the nation in lieu of £4.7m inheritance tax under the AIL scheme.

The AIL scheme enables taxpayers to offer culturally or historically important works of art and heritage objects to public institutions in full or part payment of their liability to inheritance tax, thereby allowing such items to be preserved for public benefit and at the same time providing a way of settling an inheritance tax liability.  Offers need to be accepted by H M Revenue & Customs, who then give the taxpayer the full open market value of the item, before allocating the object to a public museum, archive or library.

Whilst legal ownership of the Reynolds portrait has been allocated to the Tate Britain, it will remain, for the time being, on public display at Castle Howard under the terms of a loan agreement.  The painting will however be displayed at Tate Britain and elsewhere across the country in the future.

For more information, please contact the partner having responsibility for your affairs, or any partner in the Private Client Department here.

Related News

May 16, 2019
Hetty Gleave provides current law and best practices for would-be treasure hunters
Apr 16, 2019
Gregor Kleinknecht and Petra Warrington’s introduction to the 5th Anti-Money Laundering Directive for the American Bar Association discussed in Cultural Property News
Apr 01, 2019
Hetty Gleave writes on when to mediate and what can happen if one fails to do so in Art Resolve
Mar 25, 2019
Gregor Kleinknecht and Petra Warrington examine the art trade and the 5th Anti-Money Laundering Directive in the ABA’s Art & Cultural Heritage Law newsletter
Mar 06, 2019
Petra Warrington and Alexandra Baggallay attending the Bill Viola/Michelangelo – Life Death Rebirth exhibition
Feb 21, 2019
Stephen Morrall and Jonathan Godwin-Austen speak at The LAPADA Conference 2019
Feb 01, 2019
Petra Warrington discusses cultural objects and export licensing in The Law Society Gazette
Jan 29, 2019
Hunters succession planning at latest LAPADA conference, mentioned in Antiques Trade Gazette
Jan 22, 2019
Hunters are an approved service provider of LAPADA, The Association of Art and Antiques Dealers
Nov 26, 2018
Gregor Kleinknecht comments on the diamond-encrusted tiara made for King Edward VII’s coronation stolen at a country estate in the Daily Mail

© Hunters Law LLP 2019 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)