Tax relief on gifts to the nation

News: June 2012

Tax relief on gifts to the nation

This is a new tax relief (called the Cultural Gifts Scheme) for individuals and limited companies that gift a pre-eminent object to the nation.

The tax reductions are certainly attractive: 30% for an individual and 20% for a limited company. Clearly, however, it is not everybody who is fortunate enough to own such an asset!

For instances where a taxpayer has an object that qualifies under the scheme, a value is agreed and the object is transferred to an eligible institution for public display. The definition of a pre-eminent object is wide and includes fine and decorative arts, books, manuscripts, scientific items and any object considered to be pre-eminent for its national, scientific, historic or artistic interest. An object’s importance in a regional context can be taken into account.

If you should ever find yourself in a position to consider going for this new tax relief, or you know someone who might be, do please ask us for guidance so that the best tax deal possible is achieved.

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