Tax incentives for charitable giving
NMDC welcomes the Government’s commitment to cultural philanthropy and is encouraged by the range of recent Government activity including improvements to Gift Aid, promotion of legacy giving and the Cultural Gifts Scheme.
Our members were deeply concerned about the potentially devastating impact of proposals in the 2012 Budget to limit tax relief for charitable donations. UK museums have been major beneficiaries of the generosity of wealthy individuals, particularly for capital development projects. NMDC joined voices from across the charity sector calling for charitable donations to be exempted from the cap, and was delighted to see that Government listened to our concerns.
In May 2011 the Government published the Giving White Paper, outlining its priorities and approach for encouraging philanthropy.
Read NMDC's response to the Government's Giving Green Paper in March 2011.
Read NMDC's response to the announcement on 8 December 2010 of DCMS plans to boost philanthropy.
Gifts of pre-eminent objects and works of art to the nation
In January 2012, the Department for Culture Media and Sport published guidance on the Cultural Gifts Scheme (CGS) which will enable individuals and companies to donate pre-eminent and associated objects to cultural institutions in exchange for reductions in income tax, capital gains tax or corporation tax. NMDC has welcomed the Government's proposals to encourage gifts of pre-eminent objects and works of art to the nation, which reflects our response to the Giving Green Paper. The proposed scheme will, if it is well designed, crucially help to support the formation
of long-term and life-time relationships between individual and corporate donors and cultural organisations. NMDC also welcomed the announcment in Autumn 2011 that the annual limit for this scheme and objects Accepted-in-Lieu of Inheritance Tax has been increased to £30m.
Read NMDC's response to the Government consultation Gifts of pre-eminent objects and works of art to the Nation. Further information on the proposed scheme can be found on the HM Treasury website.