Contact: Jamie Harley
Deloitte
Public Relations
+44 20 7303 5037
Arts & Business, the national charity dedicated to increasing private investment into the arts has today launched an online tax guide, explaining how to give efficiently and effectively to the arts.
The online tax guide, at www.aandb.org.uk/taxguide, is for arts fundraisers, donors and wealth managers. A&B’s guide includes simple information demonstrating that, contrary to popular belief, it has never been easier to give to the arts and the tax benefits have never been greater.
A&B’s tax guide, created in partnership with Deloitte, DCMS and Her Majesty’s Revenue and Customs the Treasury is launched as part of Arts & Business campaign to increase private giving to the arts in the UK. The recent growth in the number of newly wealthy individuals represents a new and potentially significant income source to the arts. Importantly, private individuals – wealthy or otherwise – can provide charities with sustainable and predictable income. There is still confusion around what tax breaks exist for giving to the arts and A&B is working to ensure more donors understand.
Colin Tweedy, Chief Executive of Arts & Business, said: “It has never been easier to give to the arts and the tax benefits have never been greater. It is Arts & Business’ role to pass on this message to individual donors, fundraisers and wealth managers. As a sector, the arts need these people to recognise the importance of their contribution in the new funding mix – they can have as much fun giving away their money as they had getting it.”
Arts & Business is working hard to demystify the tax incentives that exist for donors in the UK, working with arts organisations and wealth advisors to ensure that they can pass on accurate advice about existing tax benefits for giving. A&B’s online tax guide is the first of a number of services designed to educate donors about the importance of their contribution to the sector and the efficacy with which they can make it.”
Tony Cohen, head of private client services at Deloitte, said: "The UK on the whole has a healthy attitude to giving, but many people don't realise that there are smarter ways to give. The tax reliefs available are comprehensive and generous and by taking advantage of these reliefs, both the donor and the arts world can significantly benefit."
Ends
Notes to editors:
According to the Arts & Business Private Investment into the Arts annual survey, private sector giving to the arts stands at £529.5 million. Of that total, corporate giving stands at £153.4 million; individual giving at £262.4 million; and trusts and foundations at £113.7 million.
Individual giving represents a progressively bigger proportion of income for larger organisations. For those with incomes over £10m, individuals provide almost half (46.4%) of income compared with under a quarter (22.3%) for those organisations between £100,000 and £1m in size. This in part reflects the ability of larger organisations to use their brand status to attract donations from individuals (source: UK Giving 2005/06).
Further information:
Arts & Business
A&B aspires to be the world’s most successful & widespread creative network. We help business people support the arts & the arts inspire business people, because good business & great art together create a richer society. For further information, please see www.AandB.org.uk/taxguide
For further press information, please contact Jonathan Tuchner, Director of Press and Public Affairs on 020 7940 6412 or email Jonathan.Tuchner@AandB.org.uk or Sophie Gaskill, Media Manager, on 020 7940 6410 or email Sophie.Gaskill@AandB.org.uk
About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP, which is among the country's leading professional services firms. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu ("DTT"), a Swiss Verein whose member firms are separate and independent legal entities. Neither DTT nor any of its member firms has any liability for each other's acts or omissions. Services are provided by member firms or their subsidiaries and not by DTT. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.
For further press information, please contact Jamie Harley on 020 7303 5037 or jaharley@deloitte.co.uk
