Hunter Davies, who befriended the legendary singer in the 1960s, has taken advantage of a new tax relief initiative in the U.K., titled the Cultural Gifts Scheme, which encourages people to hand over gifts for the nation in return for a tax reduction.
His memorabilia includes his correspondence with Lennon, a note containing the lines to the Fab Four's 1967 hit Strawberry Fields Forever and an early draft of In My Life.
The 77 year old says, "I want my Beatles collection to be kept together, in one place, and on public display, and the British Library is the perfect home for it. I'm really pleased the cultural gifts scheme has helped me make this a reality."
According to the Bbc, Davies' donation is expected to save him $495,225 (£319,500) - roughly 30 per cent of the value of the collection - in taxes over five years.