When Ruth Cornett’s phone rings, she’s never sure exactly what to expect. As senior director of the Heritage Taxation Advisory Service at Christie’s, no two days are the same and sometimes solicitors get in touch with exciting news.
“We recently dealt with an estate where, under the bed, they had unexpectedly found a dusty case containing some Rembrandt prints, she reveals. The heir had absolutely no idea that the deceased had been an enthusiastic collector of Rembrandt, so it was a huge surprise.’
The six etchings ci630s-50s) were consequently acquired for the nation through the Acceptance In Liew scheme and were gifted to National Museums Northern Ireland. They can now be viewed in Ulster Museum’s collection in Belfast a gallery which previously didn’t have any works by Rembrandt.
When you visit museums and galleries, you might have noticed labels beside works of art saying: Accepted in lieu of inheritance tax and allocated to the museum by HMRC'. But what does that actually mean? 'It's a little-known fact that it is possible to pay an inheritance tax bill with a work of art,' explains Ruth. My job is to help clients through the process. When someone dies, their home and.
estate has to be valued for the purposes of tax. A local valuer comes in and notes everything down, then submits a list to the tax office and tax is paid. But in some circumstances, the valuer may think a gallery or museum might be interested in a specific piece of art from the estate. If this is the case, then there is a transfer of ownership of a work of art to the nation in exchange for a tax bill being settled."
هذه القصة مأخوذة من طبعة November 2022 من Homes & Antiques.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 2022 من Homes & Antiques.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
THE ANTIQUES THAT SHAPED ME - Tess Newall
The decorative artist and homeware designer shares her love of patina and a treasured childhood flower press
A Victorian Vision
There's a magical, story-book feel to this 19th-century manor in the Lincolnshire Wolds, where much-loved antique and vintage collections and a sensitive restoration have brought it back to life
Farm FRESH
Filled with painstakingly sourced primitive antiques and Welsh decorative pieces, Dorian Bowen's atmospheric farmstead is an authentic homage to bygone times
THE WOMEN OF MODERNISM
In the Modernist era, when clean lines, geometric forms, and functional design reshaped the world, a group of often-overlooked visionary women defied convention, pioneering innovations that laid the foundations of modern design, says
Global Treasures
Amber Clery has created a cosy, bohemian home filled with unusual finds gathered from her travels across the world
A blazing SUCCESS
This Georgian home in Northern Ireland, once ravaged by fire and time, has been reimagined for the modern age with vibrant colour, joyful patterns and a perfect balance of old and new
HEIRLOOMS OF THE FUTURE SHANNON CLEGG
The botanical sculptor talks to Dominique Corlett about finding her niche and how her creative practice connects with the landscape of her childhood
48 hours in FROME
A cloth town of great importance from the 15th to the late-18th century, Frome in Somerset is now on the map for its vintage fashion and sustainable clothing, as well as its buzzing antiques scene, discovers Rosanna Morris
Island HOPPING
The traditional fitted kitchen island now faces competition from more flexible, modern alternatives
ON THE COFFEE TABLE Art through the ages
Explore 700 years of art history through the paintings of The National Gallery, with people at the heart of every page
