Valuable masterpieces by Sir Joshua Reynolds, JMW Turner and Peter Paul Rubens have been given to the UK People in lieu of tax after the deaths of their owners in the past two years. 

Fifty-one items of "major cultural significance" worth a total of £40 million were offered in place of £25 million of inheritance tax between 2010 and 2012. The Arts Council England has published a list of the items donated over the past two years.

The gifts include two paintings by the 18th century English painter Sir Joshua Reynolds (Maria & Robert Gideon and Lady Honywood...