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Labour urged to rethink donor incentives for museums amid non-dom exodus
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News Archives - City AM
Labour urged to rethink donor incentives for museums amid non-dom exodusPhoto credit: Wiktor Szymanowicz/Future Publishing via Getty ImagesThe exodus of non-doms from the UK is having a knock-on effect on philanthropy, with museums now urging the government to bring back generous donors.
However, with the exodus of non-doms from the UK following Labour’s rule changes, museums are increasingly facing fundraising challenges.
However, there are tweaks Labour can make to current gifting policies that will ease pressure on the City’s museums.
The CGS allows individuals to receive a 30 per cent reduction in their income and capital gains tax over a five-year period in exchange for their gifts to museums.
Museums are essential to London, with over 85 per cent of foreign visitors citing them as a key reason for visiting the capital.