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Gifts of art to the Nation

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Gifts of pre-eminent objects and works of art to the nation

As foreshadowed in the March 2011 Budget the government is seeking to encourage gifts of pre-eminent works of art or historic objects to the nation in return for tax concessions. It is looking to create incentives for lifetime gifts to be made.

The proposed scheme will operate in parallel with the current ‘Acceptance in Lieu’ scheme.

Donors will receive a tax reduction either as a fixed percentage, say 25%, of the value of the object or alternatively the tax reduction may be based on the donor’s marginal rate.

A consultation is being launched today, 29th June, and will remain open for 12 weeks.