The Museums, Libraries and Archives Council (MLA) has announced that a comprehensive collection of historic treasures worth £25.3m will remain in public ownership thanks to the government’s Acceptance in Lieu (AIL) arts scheme.

Jonathan Scott, chair of the AIL panel, said: “The scheme is important in enriching the UK’s heritage and shows what can be achieved when the tax system encourages the transfer of items from private to public ownership so that they can be enjoyed by everyone.

“People from across the UK will now be able to see the items which have been allocated to an array of regional museums and galleries, as well as the major national institutions. Some of the pieces will be displayed in their original setting, bringing the additional benefit of opening up historical houses which were previously hidden to the public.”

Items saved under the initiative – which permits items deemed national treasures to be given in place of inheritance tax – range from masterpieces by Turner, Goya and Rembrandt, to Islamic coins and even boats from Lake Windermere in the Lake District.

MLA chair Mark Wood said: “This has been another highly successful year for the scheme in securing some quite remarkable cultural items for the nation. This scheme is a vital way of enhancing collections and ensuring our national and cultural heritage is preserved. It also gives the public access to treasures they have often never seen before.”

This year, the value of objects acquired via the scheme exceeded the combined purchase grants of all the country’s museums and galleries.

Photograph: Lake Windermere Boats