Doncaster Office
Sheffield Office

Inheritance Tax

08 April 2019

Lauren Smith

inheritance tax

Tony Benn’s family make donation in lieu of inheritance tax

Recently STEP UK New Digest have spoken of Labour MP Tony Benn’s family making a donation in lieu of inheritance tax.

Hundreds of thousands of papers and archives donated by the late Labour MP, to the British Library have reportedly been given to the nation in-lieu of tax money. The donation will save his family more than £210,000 in inheritance tax.

What is inheritance tax in lieu?

Acceptance in lieu (AiL) is a provision in British tax law under which inheritance tax debts can be written off in exchange for the acquisition of objects of national importance. The Cultural Gifts Scheme is also administered by Arts Council England and is reported jointly with the Acceptance in Lieu scheme.

 Many people aren’t in the position where their families have heirlooms that can give donated in lieu of inheritance tax. However this doesn’t mean that there aren’t things that they can do to reduce any inheritance tax bill.

If you have queries about inheritance tax or would like to arrange an appointment to discuss anything in relation to Wills, Trust and Probate please do not hesitate to contact us on 0114 272 1884 (Sheffield) or 01302 341414 (Doncaster)