The Government has welcomed the publication of a report which contains innovative ideas – and a ten-point plan – to boost philanthropy and legacy giving to benefit the arts and heritage in the UK.
The report is one of three commissioned by the Government, and is the first to be published. Together they look at ways to unlock the potential of philanthropy in these tough economic times as a key element in support to the cultural sector. The other two reports are due to report back shortly and emphasise the Government’s commitment to this agenda.
The report’s recommendations include:
- All three main political parties should agree a “non-regression” pledge in their 2015 manifestos which commits them to leave the existing Inheritance Tax reduction for legacy-giving untouched until the 2020 Parliament and beyond.
- Secure a commitment from key advisor organisations to compel their members to raise philanthropy, and in particular the Inheritance Tax benefits of legacy giving, when discussing tax planning and will writing with their clients.
- Companies in the FTSE-250 should be persuaded to provide financial advice and assistance to any employee who wants to make a pledge to charity in their will.