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MUSEUM CURATORS SAY IT DOES NOT NEED TO BE MONA LISA

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Section 31(1)(a) of the Inheritance Taxes Act 1984 spells out the conditions under which a work of art qualifies fo...
Section 31(1)(a) of the Inheritance Taxes Act 1984 spells out the conditions under which a work of art qualifies for deferral from inheritance tax as suitable for inclusion in the public collection of a county council or municipal corporation in the UK, reports the Financial Times (30 Sept, Weekend Money, p9).

But it must be shown to be of a `national scientific historic or artistic interest' on such an amazingly wide range of exemptions that amost any chattel is potentially tax exempt when considered for inclusion in a local museum's collection, reports the FT.
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