The rights to Dame Elizabeth Taylor and Richard Burton's movie Under Milk Wood have been gifted to Wales in a bid to boost funding for arts projects in the country.

The legendary couple headed back to Burton's homeland in 1972 to shoot the film, which was adapted from a radio play by Welsh poet Dylan Thomas and focuses on the inhabitants of a small village.

The movie's director, Andrew Sinclair, has now given the film and its rights to the nation in the form of a specially-created trust.

Sinclair announced his decision at a special 40th anniversary screening of the movie in Cardiff, Wales on Monday (10Dec12) and revealed the Milkwood Trust will generate funds for the arts in the country.