Acceptance in lieu

It was originally established by Chancellor of the Exchequer David Lloyd George as a means for the wealthy to pay the increased estate taxes imposed by his People's Budget of 1909 but had its roots in similar schemes dating to the late 19th century.

It has developed from the early years, when it was used mainly as a means for the aristocracy to dispose of country estates to the National Trust, to the modern day, when it is more associated with the transfer of works of art, antiquities and archive material to museums.

The scheme is administered by Arts Council England, a non-departmental public body of the Department for Culture, Media and Sport.

The scheme has brought many houses, works of art and other collections into publicly accessible institutions when they would otherwise have gone to auction.

[4] Houses and collections continued to be sold however and David Lloyd George's People's Budget of 1909, with its increased land and estate taxes, would have worsened matters.

[7] Approval of potential cases lies with the Secretary of State for Culture, Media and Sport or the relevant ministers in the devolved Scottish and Welsh governments (where applicable).

[8] The panel assesses the open market value of an item and passes this to the minister who makes the final decision whether to accept it or not.

[6] This arrangement allows for unique collections (such as the contents of country estates) to remain intact and not be dispersed or separated from their associated historic buildings.