Britain has accepted an 18th-century portrait by Sir Joshua Reynolds as full payment in lieu of an inheritance tax bill of 4.7 million pounds ($8 million Cdn).
The painting — a full-length 1769 portrait of Frederick Howard, the 5th Earl of Carlisle — has been hanging in Castle Howard in North Yorkshire for more than 200 years.
'Portrait of Frederick' — a full-length 1769 portrait of Frederick Howard, the 5th Earl of Carlisle — has been hanging in Castle Howard in North Yorkshire for more than 200 years. (Arts Council England)
But the current owners of the portrait were facing big inheritance tax bills. So they offered to give up the Reynolds portrait to settle the bill and ensure that the Howard estate could continue to hang onto Castle Howard.
Britain has an "acceptance in lieu" program that allows people facing large inheritance taxes to transfer important works of art and heritage objects into public ownership and get full credit for the donation.
"The acceptance in lieu scheme has been enriching our heritage for over a century," said Edward Harley, chairman of the acceptance in lieu panel. "I am delighted that this masterpiece by Reynolds, one of the most important painters of the day, has entered our national collection under the scheme."
Going to the Tate
The panel has allocated the painting to the Tate Britain gallery in London.
Canada abolished federal inheritance taxes in 1972. But it does give charitable tax donation credits for gifts of "outstanding significance and national importance to Canada."
The Income Tax Act provides favourable tax treatment, such as the elimination of the need to pay capital gains taxes, for donations of certified cultural property to institutions and public authorities.
Britain accepts painting to settle £4.7M tax debt
0 commentaires:
Enregistrer un commentaire