Acceptance in lieu

Mould is a valuer for the Heritage Lottery Fund and the Government's Acceptance in Lieu scheme.

In June 2010 the British Library acquired Ballard's personal archives under the British government's acceptance in lieu scheme for death duties.

As part of the UK government's Acceptance in Lieu scheme, the book was acquired by the British Library in 2007 in place of inheritance tax.

Due to certain tax benefits an item offered under the Acceptance in Lieu scheme is worth 17% more to the offerer than if the item was sold at public auction.

You should get a letter from the Capital Taxes Office confirming that the private treaty sale, disposal otherwise than by sale, or acceptance in lieu, is exempt from capital taxes.

Acceptance in lieu (AiL) is a provision in British tax law under which inheritance tax debts can be written off in exchange for the acquisition of objects of national importance.

Since 1984 only one country house has been given to the nation through the Acceptance in lieu scheme, this being Seaton Delaval Hall which was allocated to the National Trust in 2009.

The MLA threatened to bar the Tate from acquiring works under the Acceptance in Lieu (AIL) scheme, whereby works are given to the nation to settle inheritance tax.

Arts Council responsibilities will also now include the Renaissance programme, Museum Accreditation, and Library Development, together with cultural property services such as Export Licensing and the Acceptance in Lieu scheme.

However Lloyd George made a provision in the Finance Act 1910 for the creation of the Acceptance in Lieu scheme to allow land to be given to the nation in lieu of Estate Duty.

In early 2006, the bronzes entered public ownership as part of the Museums, Libraries and Archives Council's Acceptance in Lieu program, which allows art and heritage objects to satisfy inheritance tax in the UK.

Rupert Maas is frequently called upon to provide independent valuations for museums, both domestic and international, considering purchases of paintings, and he has previously valued individual pictures and entire collections (for example the John Wharlton Bunney 1828-1882 archive) for Acceptance in Lieu.

Although the ownership or management of some houses has been transferred to a private trust, most notably at Chatsworth, other houses have transferred art works and furnishings under the Acceptance in Lieu scheme to ownership by various national or local museums, but are retained for display in the building.

The archive was professionally valued and upon consideration that it met the third criterion of the Acceptance in Lieu Scheme, that is to say that it is of 'of especial importance for the study of some particular branch of art, learning or history', the collection was accepted to settle £436,854 of tax.