 Budget tax breaks save the arts
18 March 2011: PKF Accountants & business advisers are urging the Chancellor to show his creative side in the Budget and introduce new tax breaks for arts investors. These will offer a desperately needed lifeline following drastic cuts in public funding of the arts.
Later this month, Arts Council England is to name the organisations that it will and will not fund over the next few years. With its Government funding falling by £99m in the three years to 2014 (nearly 30% of the previous settlement), many more theatres and galleries will lose out in this funding round and could disappear.
Philip Fisher, head of employment tax and rewards at PKF (and a theatre critic), comments: “Cuts in funding for the Arts Council and the squeeze on local authority budgets will have a dramatic impact on the arts across the UK”.
He identifies a possible solution “If the Government can’t or won’t fund the arts there are many public spirited individuals and companies across the UK who would be prepared to invest in projects, if tax breaks were available as they are in the United States. This is vital for the health of our world famous arts sector but goes further. Offering tax breaks to arts investors will give a strong payback by protecting jobs and boosting tourism.”
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For further information, please contact:
Philip Fisher, on 0207 065 0300, philip.fisher@uk.pkf.com or
Graham Yeatman, on 020 7065 0409, graham.yeatman@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk
2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Guernsey) Limited is incorporated in Guernsey.
3. PKF (UK) LLP is a member firm of the PKF International Limited network of legally independent firms. The PKF International Limited network has around 17,600 people operating in 120 countries around the world.
4. Philip Fisher is London Editor of the British Theatre Guide.
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