How to give away art – and reduce tax

The Government’s new Cultural Gifts scheme, launched this month, will enable individuals to donate works of art to the nation and, in the process, reduce their income tax or capital gains tax bill by 30% of the item’s value. Companies will also be able to donate art or art collections and receive a 20% reduction in their corporation tax bill. To coincide with the launch, Art Fund, the national fundraising charity for art, has published ‘A guide to giving art’, a comprehensive manual on all the ways to transfer art and cultural objects to public collections.

A guide to giving art