§ Mr. Cormackasked the Minister for the Arts if he anticipates any call in the near future on the Contingency Reserve for a work of art offered in lieu of inheritance tax.
§ Mr. LuceI am very pleased to be able to announce that heritage Ministers have accepted in principle a major Constable painting, "Stratford Mill", known also as "The Young Waltonians". This painting, of the highest quality and importance, has a current market value of £10 million. Under the acceptance-in-lieu procedures agreed in 1985, which allow a call on the reserve, we will be taking steps to acquire it for the nation at a cost of some £5.5 million. This is the most valuable item ever accepted in lieu of tax. In accordance with the wishes of the executors, it will be allocated to the National gallery.
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