The finance bill is anticipated to provide tax relief to the museums & galleries in Scotland

Published on : Wednesday, August 2, 2017

museums & galleries in ScotlandAs per the experts of the Scottish accountancy firm Henderson Loggie, the UK government just after the summer recess of this year will introduce the new finance bill which is expected to be good news in terms of tourism all through Scotland.

 
This new bill will be kind of a tax relief for all the charitable incorporated museums and galleries across UK that hosts new exhibitions, tours etc. Also, the companies under the administration of the local authorities will also be a part of it.

 
Ideally, the new tax relief was supposed to be introduced in the 2017 Finance Act.

 

However, the legislation was deferred due to the general election.

 
The aid at 20% in terms of non-touring exhibitions and 25% for touring exhibitions will be completed at a total £500,000 of qualifying expenditure per exhibition.

 
The Financial Secretary to the Treasury on July 13th of this month verified that it will apply to expenses incurred from April 1st 2017 and will continue till March 31st, 2022.

 
Hazel Pratt, head of tourism at Henderson Loggie, said: “This is welcome news not just for the arts and cultural organisations which will benefit, but for the wider tourist and smaller local economies. “It creates incentive to design exhibitions for touring which means that exhibits that may otherwise only be seen on a trip to the big cities could now happen in rural communities with knock on benefits to the local economy.”

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