IHT paid the easy way.

[dspp]

Snorvey,

The only snag is that for HMRC to accept works in lieu you will need to be a pretty significant artist. Otherwise it is going to be highly impractical !

As it happens Peter Lanyon was a keen glider pilot as well as being an artist. So too was his friend Alan Davie who was also a glider pilot as well as being a very notable artist, and who has also died fairly recently. It just so happens that Alan Davie's descendant are similarly negotiating with HMRC on works in lieu. It can be quite an interesting exercise negotiating which works, and what value is to be accepted in these circumstances.

I expect the title "giraffe & parachutist" was somewhat prompted by Lanyon's flying activities. You can see similar things in some of Davies' works.

https://www.tate.org.uk/art/artists/peter-lanyon-1467
https://en.wikipedia.org/wiki/Alan_Davie
http://tincletongallery.com/art-exhibitions/

regards,
dspp

[dspp]

Often the Iht bill arises due to the gift in the estate of works to tgee successor.

What you are suggesting means that owners would be motivated to destroy works prior to death, especially so in the case of artists with a substantial retained collection. They simply cannot sell them all in a lump as that would cause market collapse. But basis of Iht call doesn't really take this into account, so destruction would be sensible.

(that is the difference between artist estates, and say a old master inheritance where an open market sale prior to death, often out of country, is a lesser issue).