PARLIAMENTARY WRITTEN QUESTION
Objects in Lieu of Tax (30 November 2016)

To ask Mr Chancellor of the Exchequer, what (a) estimate he has made of the annual revenue forgone by the Treasury as a result of and (b) assessment he has made of the efficacy of the tax relief introduced in the Finance Act 2012 related to the gift of pre-eminent objects.

Asked by:
Kirsty Blackman (Scottish National Party)

Details of items donated under the Cultural Gifts Scheme and the amount of revenue forgone are published by Arts Council England, who administer the Scheme, in their Cultural Gifts Scheme & Acceptance in Lieu annual report, which is available at: http://www.artscouncil.org.uk/programme/acceptance-lieu.

The Scheme has proved itself to be a valuable resource for allowing owners of important works of art to donate them to the nation in exchange for tax reductions. Institutions across the whole of the UK have benefited from the Scheme.

Answered by:
Jane Ellison (Conservative)
5 December 2016