Anorak | Treasures To Ease Inheritance Tax Burden

Treasures To Ease Inheritance Tax Burden

by | 27th, July 2007

images.jpg THE nation’s museums have been receiving precious objects worth over £25million over the past year in lieu of inheritance tax.

The donors of the items, which include a diamond tiara , paintings and vintage steamboats, subsequently receive tax concessions in their lifetimes in a scheme which many want to see the Government extend.

Mark Wood, chair of the Museums, Libraries and Archives Council, is pleased with the windfall.

Says he: “Overhaul of the tax framework around philanthropic giving is long overdue. There is no reason to hope that government can invest more in this area at a time of constraints on spending. We believe the climate is right for this debate, and we see growing support for it across the political spectrum.”

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Posted: 27th, July 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink