This virtual Briefing organised by Friends of the Nations’ Libraries (FNL) in collaboration with Research Libraries UK will explain how the Acceptance in Lieu (AIL), Cultural Gifts Schemes (CGS), and private treaty sales work and how they might benefit your library – and your depositors and donors.
The main speakers at this event are Anastasia Tennant, Joan Winterkorn and Mark Purcell, all with long and detailed knowledge and experience of AIL and CGS and we will also hear short case studies from librarians who have acquired collections that benefitted from these schemes. The event is also an opportunity to learn about the support that FNL can offer for such acquisitions where a cash top-up is needed to complete an acquisition. There will also be time for our speakers to answer any questions from the audience.
More information
The UK tax code offers incentives to owners of important cultural and heritage items to sell or transfer them to record offices, libraries, museums and galleries and specialist collections, ensuring that significant items are saved for the nation and are made accessible through a tax approved scheme that brings benefits for both the seller (lower tax bill) and the buyer (reduced purchase price payable in cash).
Acceptance in Lieu is a provision in British tax law under which Inheritance Tax liabilities can be discharged in exchange for the transfer of archives, books and works of national importance.
The Cultural Gifts Scheme allows taxpayers to make a donation of archives, books and works of art in return for a reduction to their Income, Capital Gains or Corporation Tax.
Private treaty sales to those bodies listed in Schedule 3 of the Inheritance Tax Act 1984 are exempt from capital taxation – Inheritance Tax, Capital Gains Tax and from April 2009 Corporation Tax on companies’ gains. FNL is one of the bodies listed on Schedule 3 so can act as a conduit if your organisation is not a Schedule 3 body.
Who should attend
If you work in a library which adds to its collections, this event will explain how the AIL and the Cultural Gifts Schemes work and how they might benefit your library – and your depositors and donors.
If you own a collection of rare books and manuscripts this event will explain these tax provisions and how they may be relevant to your estate planning.
If you have any questions about the event please email contact@fnlmail.org.uk