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Proposals for consultation on a new scheme to encourage people to donate pre-eminent objects or works of art to the nation have been published by HM Treasury.
In return, donors will receive a reduction in their tax liability, based on a set percentage of the value of the object they are donating.
Views are sought on a number of areas of detailed policy design for the scheme, for example who will be eligible to apply for it, how to define pre-eminent and how such objects will qualify for the new scheme, how the tax reduction should be calculated, including the rate of reduction which should apply per donated object, and whether there should be a cap on the amount of tax reduction per object or per donor.
The scheme is designed to complement the separate Budget announcement of a reduced rate of inheritance tax where at least 10% of a person’s net estate is left to charity on their death.
The consultation closes on 21 September 2011.
