Two significant artworks from the estate of Jacob Rothschild are to be housed in London institutions, the National Gallery and the Victoria and Albert Museum. The scheme, known as 'acceptance in lieu' (AIL), allows taxpayers to settle inheritance tax debts with culturally important items. Rothschildâs donation includes Guercino's 'King David', which joins other related works at the National Gallery, and John Deare's marble relief 'Edward and Eleanor' at the V&A. His contributions greatly influenced Britain's cultural landscape, showcasing the importance of philanthropy in heritage management.
The acceptance of King David in lieu of inheritance tax on Jacob Rothschild's estate settled £5.6m in tax.
Rothschild was one of the most influential and consequential figures in the British art world and a noted collector of both historic and contemporary work.
Under the AIL system, those liable for inheritance tax can cover this liability by giving art or heritage property of 'pre-eminent' importance.
Both works go to institutions as part of the UK's AIL scheme, helping preserve significant art for public access.
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