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."
Denne historien er fra November 2022-utgaven av Homes & Antiques.
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Denne historien er fra November 2022-utgaven av Homes & Antiques.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Collecting Dioramas MINIATURE WORLDS
From elaborate taxidermy museum displays to humble folk art creations, a diorama can transport us to another time and place
Pride of place LEEDS CREAMWARE
In its heyday the pre-eminent rival to Wedgwood's Queens ware, Leeds creamware is still much revered by collectors for its understated elegance
Bohemian Rhapsody
An exuberant approach to decor, with rooms enveloped in colour and pattern, has brought this historic home merrily into the 21st century...
THE ANTIQUES THAT SHAPED ME Rory Hutton
The accessories designer on his love of silver spoons and Sévres porcelain
European HERITAGE B&Bs
Is there anything more inspiring than staying somewhere that's both beautifully stylish and imbued with history? Rhiannon Batten explores five gems across Europe, from Sweden to Spain...
STAR SALES
A Hitchens painting, a museum-quality teapot and a Parisian chocolate box are all top of the lots
Textile designs by artists
Influential 20th-century fine artists and sculptors, from Picasso to Barbara Hepworth, gained additional status as textile designers until decline set in during the 1970s
Period DRAMA
A painstaking renovation has brought this 1725 former Huguenot silk weaver's house in London's Spitalfields back to life
An artist's RESIDENCE
Rustic details and a restrained palette lend a sense of simplicity to this lovingly restored Friesian bakery
Carefully Curated LIVING
This lovingly restored Gustavian manor has become both home and showroom for its owners, Maria & Jan Åke, who deal in European antiques