CVAN welcome a number of announcements made by the Chancellor in his budget on March 16, particularly in relation to a of tax break for museums and galleries.
CVAN have worked closely with Arts Council England since early Autumn 2015, as part of a consortium making the case to Government for it to consider an Exhibition Tax Relief for museums and galleries producing temporary and touring exhibitions. This relief would provide significance benefits to the sector and stimulate its growth. We are incredibly pleased to see that the Government has agreed to open consultation on this, with it coming in to effect April 2017.
We are also pleased to see that museums and galleries with collections are able to join the section 33a VAT exemption scheme allowing them to retain the non recoverable VAT element of their budgets.
Small fiscal incentives for small businesses and freelancers will also have a positive impact on the sector including:
- New tax-free allowances for micro-entrepreneurs
- Cutting business rates for smaller businesses
- Simplification of National Insurance contributions for the freelance sector