Monday, December 12, 2011

Tax relief on pre-eminent gifts raised to �30m a year | Philanthropy UK

Tax relief on pre-eminent gifts raised to �30m a year | Philanthropy UK: An extra �10m for tax relief on gifts of pre-eminent objects to the nation was announced by the Chancellor in his recent autumn statement, taking the total relief to �30m per year.

The aim is to stimulate lifetime giving. Objects can be loaned or given to appropriate institutions including certain charities and museums for safe keeping and to provide public access. In return donors will receive a reduction in their UK tax liability based on a percentage of the value of the object they are donating.

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