Philip Fisher: Tax breaks needed to save the arts

Philip Fisher, PKF head of employment tax and rewards, theatre critic and AccountingWEB Live Budget 2011 panel member is urging the Chancellor to 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 will name the organisations that it will and will not fund over the next few years. With its 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 commented: “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 identified 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.”

I'm not sure what the chances are, but will ask him about it during the live Budget panel session.
 

Comments
cymraeg_draig's picture

Priorities

cymraeg_draig | | Permalink

I would suggest that "the Arts" are not a priority in a time of inflation, unemployment, and massive inherited debts.

I would be extremely annoyed if money was spent on "Arts" either directly or by tax breaks, when the NHS etc are crying out for more funding.

 

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