He commented that this is an excellent opportunity for the newly formed National Museums and Galleries of Northern Ireland. The offer satisfies Inheritance Tax of 525,000. Under the terms of the National Heritage Act 1980, the Inheritance Tax Act 1984 and supplementary Finance Acts. The Commissioners of the Inland Revenue are empowered to accept certain property in whole or part satisfaction of Inheritance Tax. For Northern Ireland cases, the consent of the Secretary of State Northern Ireland is also required.
Public access is available to all items accepted in lieu of tax.
The Museums and Galleries Commission advises Government on the acceptance and allocation of works of art accepted by the Commissioners of the Inland Revenue in satisfaction of Inheritance Tax. The former Ulster Museum and Ulster Folk and Transport Museum merged with effect from 1 April 1998 to form the National Museums and Galleries of Northern Ireland. The Ulster American Folk Park joined the merger with effect from 1 October 1998.