Art 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.’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource