Loss of tax means Titian could cost the nation £100m

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The art world has been campaigning to raise money to buy Diana And Actaeon, considered to be one of the finest examples of Renaissance works owned privately, after the Duke of Sutherland announced he wanted to sell the painting and would accept £50million.

But it has been revealed public funds will be deprived of a further £60 million in taxes which would have been raised if the work sold at auction for its reputed worth of £150million.

The news that the duke will avoid paying inheritance and capital gains tax because he is selling the work to a public collection has sparked anger.

The Treasury waives inheritance tax in return for the work being sold below market value. The seller receive 25 per cent of the saving and the galleries 75 per cent. But a spokesman for the duke said the private treaty had helped the nation buy many great works of art. He added: "Far from dodging tax, the Duke is sacrificing an open-market profit."

The National Gallery is said to be "confident" it will raise the £50million from private pledges by the end of the month.