Britain’s National Gallery Asks Government To Help It Buy £30m Italian Old Master

“The National Gallery in London wants to buy a portrait by Pontormo that its aristocratic owner sold to an oversees buyer for more than £30m last year. Unusually, the seller paid inheritance tax on Portrait of a Young Man in a Red Cap (1530) before its new owner applied for an export licence. The National Gallery therefore hopes that the Treasury will refund the tax paid to help keep the portrait in the UK.”