Interesting article in The Telegraph this week about how the "rich and famous settle their Inheritance Tax bills using art, diaries - and tea coasters"! 

The writer is referring to the Acceptance in Lieu (AIL) Scheme, which enables taxpayers to satisfy some or all of their Inheritance Tax liability by transferring important cultural, scientific or historic objects and archives to the nation.  

The item in question must be in reasonable condition and be “pre-eminent”, i.e. of particular historic, artistic, scientific or local significance, either individually or collectively, or closely associated with a particular historic setting.  Material accepted is allocated to public museums, archives or libraries and is available for all.  

The AIL Scheme ensures that the most important of the nation's cultural objects remain within the UK and become accessible to the public... and also provides a welcome opportunity for IHT relief!