| Commentary

134.1 General

| Commentary

134 Reduction in tax when gifts made to the nation—the cultural gifts scheme

134.1 General

The Finance Act 2012 introduced the ‘cultural gifts scheme’ which provides for a reduction in income tax, capital gains tax or corporation tax by those who give objects of pre-eminent importance to the nation1. This scheme applies for tax years and accounting periods beginning on or after 1 April 20122.

It operates alongside the existing acceptance in lieu scheme for inheritance tax on death, with the two schemes sharing a joint annual cap of £40 million3. Unlike the inheritance tax acceptance in lieu scheme, the cultural gifts

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial