Saved for the ΝΑΤΊΟΝ

Step behind the scenes of the art world and discover the secret process that secures art for generations to come

- ELLIE TENNANT

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."