HM Treasury have issued a consultation document outlining a new scheme to encourage people to donate pre-eminent objects or works of art to the nation.
Those who make donations of moveable property will receive some form of income tax or capital gains relief. The consultation suggests an example percentage of 25% of the value of the object.
The new relief will be separate from the existing Acceptance in Lieu scheme for Inheritance Tax. However donations under both schemes will be restricted to a limit which is proposed at £20m for life and death donations.
Source: HM Treasury
