Tax breaks introduced for gifts of art to the nation | Third Sector

Tax breaks introduced for gifts of art to the nation | Third Sector: Donations of 'pre-eminent works' will attract up to 25 per cent relief

The government will introduce a tax relief to encourage gifts of "pre-eminent works of art" to the nation, the Treasury announced today.

The new rules will grant up to 25 per cent relief on income tax or capital gains tax to donors who give away major works of art or historical objects to the nation. Companies that donate will be eligible for a reduction in corporation tax.