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Tax breaks for artwork donors
Wealthy individuals who donate gifts of valuable art to the nation will receive tax breaks, in an estimated £15m per year scheme announced yesterday. Givers of “pre-eminent objects” will be able to claim up to 25 per cent off their income or capital gains tax, up to a limit of £30m annually. The move combines the current ‘acceptance-in-lieu’ scheme allowing inheritance tax to be paid with artworks, and comes after a consultation since the Budget in March. Experts welcomed the rise in the upper limit to £30m, from £20m previously proposed, but cautioned that this may not be high enough to sway some potential donors.