The UK authorities has handed a lifeline to museums and galleries by extending a scheme which permits establishments to assert tax aid on prices linked to establishing an exhibition. Nonetheless, the general finances for the UK division of tradition, media and sport has decreased from £1.6bn for 2023-24 to £1.4bn for 2024-25.
The Museums and Galleries Exhibition Tax Reduction (MGETR) was as a result of expire April 2026 however the chancellor, Jeremy Hunt, confirmed in his finances assertion (6 March) that will probably be made everlasting.
The measure permits museums and galleries to assert again tax on the prices related to establishing an exhibition, together with manufacturing, set up and deinstallation if the exhibition lasts a yr or much less.
In keeping with the UK Museums Affiliation, the MGETR will present a better charge of 45% tax aid for touring productions and 40% aid for non-touring productions for the monetary yr 2024-25, with the utmost money compensation per exhibition capped at £80,000 and £100,000 respectively.
“The tax aid has supported 6,430 exhibitions of all sizes, from blockbuster exhibitions that draw big nationwide and worldwide audiences, to the creation of extra bold new shows at smaller museums that have interaction native communities across the nation,” says a press release by the Nationwide Museum Administrators’ Council, which represents the leaders of UK nationwide collections and main regional museums.
Jenny Waldman, director of Artwork Fund, provides in a press release: “It [MGETR] is a essential assist for the vitality and ambition that museums and galleries deliver to the cultural lifetime of the UK, so we’re delighted that it has been made everlasting.”
The Nationwide Railway Museum in York and Nationwide Museums Liverpool additionally acquired funding within the spring finances for capital tasks as a part of the federal government’s “levelling up” challenge. Liverpool acquired £10m for its Waterfront Transformation challenge which includes the transformation of the Worldwide Slavery Museum and Maritime Museum.
