via Wmpearl, Public domain due to end of copyright
Cultural artefacts gifted to the nation in a person’s lifetime will now result in a reduction in the donor’s tax liability, as a UK-wide scheme announced by the Chancellor in the 2011 budget comes into effect this week. Designed to encourage cultural charitable giving, the Cultural Gifts Scheme (CGS) will be administered by Arts Council England (ACE), who will decide whether items fit the criteria of being ‘pre-eminent’, decide a fair market value for the object and make a recommendation to the relevant minister in the different countries of the UK. If approved, the item will be assigned to an appropriate museum or gallery. A limit of £30m per year can be offset by the CGS and the established Acceptance in Lieu Scheme, which accepts cultural items in lieu of inheritance tax payments.