Tate Director Nicholas Serota on how to increase giving to British museums:
"In Britain, there are tax benefits when works of art are given to the nation - but the donor has to be dead. This is the acceptance-in-lieu scheme, which gives tax relief on the deceased's estate. ... I would like to see the principles of the acceptance-in-lieu scheme extended to allow living donors to have a similar tax benefit through income tax and capital gains tax relief, during their lifetime. In the last 10 years acceptance-in-lieu has brought over £250 million-worth of works into the cultural sector - I think it is time to make a case for lifetime giving."
Here is more on the acceptance-in-lieu scheme.
