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READ MOREArt treasures worth £58m used to settle tax
A 17th-century manor house and a Damien Hearst bronze sculpture were among cultural items accepted by the nation in exchange for tax breaks last year, with the total of £58.6m in tax settlements the highest ever.
The cultural gifts scheme allows UK taxpayers to donate important cultural works to the nation in exchange for receiving a tax reduction (based on a set percentage of the donated objects’ value), while acceptance in lieu enables UK taxpayers to settle inheritance tax or one of its earlier forms by offering important works to the nation.
Read more at the Accountancy Daily.
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