UK Taxpayers Paying Tax Bills with Art
December 3, 2014 Taxation in UK
LONDON – Taxpayers in the UK have donated valuable art pieces by Vincent Van Goh and Pablo Picaso in order to cover their tax bills.
Over the course of the 2014 financial year taxpayers in the UK covered GBP 30 million worth of inheritance tax payments by donating culturally significant works of arts, according to new information in a report released on December 2nd by Art Council England.
The art donated to cover the inheritance taxes was estimated to have a current market value of GBP 44.3 million, and was spread out across 27 different cases.
Currently valuable and culturally significant pieces of art may be donated instead of paying inheritance tax, as part of the Acceptance in Lieu scheme.
The amount donated in 2014 was the second highest on record, only beaten out by the 30 donations in 2013 with a cumulatively value of GBP 49.4 million.
The collection of work this year included paintings by Vincent Van Gough, Stanley Spencer, John Constable, Frank Auerbach, Pablo Picasso, and Thomas Gainsborough.
All of the donated works are now in the ownership of the public and will displayed in various museums and libraries across the country.
Photo By: Martin L