NMDC welcomes scheme for museums to benefit from lifetime giving incentives 4/4/2013
The new Cultural Gifts Scheme, which allows donors to give works of art and historical objects to the nation in lieu of tax, has been launched by the government. It operates alongside the Acceptance In Lieu scheme which only allows the offset of objects against tax after death.
NMDC has long campaigned for the introduction of a lifetime giving scheme. Together the Acceptance in Lieu and Cultural Gifts schemes will have an annual ceiling of £30m, with works, where accepted, being taken on a first come, first served basis.
Economic Secretary to the Treasury Sajid Javid said “I am delighted that the Treasury and HMRC have been able to support the development of this scheme as part of our package of major reforms to support philanthropy through the tax system.” New ACE Chair Peter Bazalgette also welcomed the scheme, emphasising the importance of making sure that the opportunity is widely known. Gov.uk, Arts Council, NMDC philanthropy page