A record total of £64.5 million worth of art came into public ownership through HMRC’s Acceptance in Lieu (AIL) scheme and the Cultural Gifts Scheme (CGS).

According to Arts Council England’s 2019/2020 annual report, it was also the first time that the entire budget of £40 million, which is the amount of tax that can be settled under both schemes, was fully utilised.

Law firm Withers explained that AIL allows an inheritance tax liability to be paid (wholly or in part) in kind with art or cultural objects which are considered pre-eminent.

Pre-eminence is a status granted to outstanding land, buildings, wo...