Tax guide published for arts donors
The publication of 'Business partnerships with the arts - the tax essentials' is designed to eplain tax legislation for arts sponsorship and donations brought it by the chancellor in April.
The guide, written and published by Arthur Andersen in conjunction with Arts & Business, highlights the improvements made to the legislation.
The complexity of previous tax law covering donations was such that it discouraged potential art sponsors and donors.
Under the new tax law cash-gifts made by taxpayers are eligible for relief against income tax and corporation tax. Improvements have also been made to the payroll giving system and fresh incentives have been introduced for the donation of quoted shares.
Colin Tweedy, chief executive of Arts & Business, said the new laws ‘opened up a whole new opportunity for the arts to benefit from the actions of socially responsible businesses’.