Treasures To Ease Inheritance Tax Burden
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.”
However, the chairman of the panel, Jonathan Scott, still believes that the acquisition funds are inadequate, considering the soaring prices in the art market. “If the creators of ‘new’ wealth are to be encouraged to fill the funding gap on behalf of our national institutions, their generosity needs to be stimulated by tax concessions,” he says.
So make sure you have a rummage through all that junk in your attic before you die. It just could help ease the tax burden you bequeath your survivors.
Although one suspects the museums won’t be interested in an original ZX Spectrum (48k) and a Charles and Diana novelty jigsaw.
Posted: 27th, July 2007 | In: Money Comment | TrackBack | Permalink
