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New proposals to encourage donations of art to the nation
The Government has published proposals for consultation on a new scheme to encourage people to donate pre-eminent objects or works of art to the nation. In return, donors will receive a reduction in their tax liability, based on a set percentage of the value of the object they are donating.
Donating an object or work of art to the nation means that it will remain in the UK, bolstering our heritage and benefitting the public. It also allows the Government to ensure that it is made available to people who wish to see it and is maintained in good condition.
Justine Greening, Economic Secretary to the Treasury, said:
“This year’s Budget saw the most radical and generous reforms in this area for more than twenty years. We want to make it easier for people to give in a range of ways and at different stages in their life, whether through the charity bucket, by volunteering their time, through legacy giving or by lifetime donations of works of art or historical objects to the nation. In this way, we hope to create a culture of philanthropy across society.”
The scheme is designed to complement the separate Budget announcement of a reduced rate of inheritance tax where at least 10% of a person’s net estate is left to charity on their death.
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