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Works Of Art In Lieu Of Tax

Volume 126: debated on Monday 1 February 1988

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To ask the Minister for the Arts (1) whether he will make a statement regarding the acceptance in lieu of tax of eight drawings by Henry Moore from the estate of Lord Clark; whether these drawings will be vested in the trustees of the British museum, in accordance with the wishes of Lord Clark; and what amount of tax has been satisfied by this acceptance;(2) whether he has anything to add to his written answer to the hon. Member for Warley, East on 21 July 1987,

Official Report, columns 114–5, regarding the acceptance in lieu of tax of Constable's painting Stratford Mill, in view of the fact that this painting is not listed in his written answer to the hon. Member for Warley, East on 18 January, Official Report, columns 477–8, among those works of art accepted during the half-year ended 31 December 1987, whether allocated or awaiting allocation; and whether he will make a statement.

I am pleased to announce the formal acceptances in lieu of tax of the items to which the hon. Member for Warley, East refers: Constable's "Stratford Mill" and nine drawings by Henry Moore. These acceptances were finalised on 8 January and 21 January 1988 respectively. The acceptance of Constable's "Stratford Mill" satisfied tax of £5.5 million, and the painting was allocated to the trustees of the National Gallery in accordance with the wishes of the owners. The acceptance of the Henry Moore drawings satisfied tax of £153,456, and the offer was conditional upon their allocation to the trustees of the British Museum. Ownership of the items will be transferred to the respective institutions shortly.