TaxPersonal TaxArt needs tax concessions

Art needs tax concessions

Enhanced tax concessions have been called for to encourage private owners to donate works of art and culture to public art galleries.

Bold: Christmas pantos face VAT hurt

In a report compiled by former stock exchange chairman Sir Nicholas Goodison for the chancellor, it calls for donors to be able to set the gross value of the object against income, before the assessment of tax, and spread over a number of years, with any capital taxes due on the sale eliminated.

He urged changes in the current ‘acceptance in lieu’ system to tempt owners to make arrangements during their lifetimes to arrange offers in lieu of tax liabilities following their deaths.

He also suggested executors should be able to offer objects ‘of pre-eminent importance’ against not just inheritance tax but all forms of tax liability due on a deceased estate.

He said: ‘We have a problem that we must solve. Museums, galleries and libraries are records of our history. All over the country they offer amazing opportunities for learning and enjoyment.

‘In recent years it has been harder and harder for them to compete to buy essential works of art and culture. The most expensive objects, some of them likely to be exported, are often out of reach.’

He added: ‘In the United States private giving to public collections, with some encouragement from tax reliefs, is part of the country’s culture. I want more people in the U.K. to discover the pleasure of giving in this way.’

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter