Arts Council unveils philanthropy plan
30th June 2011
Arts Council England has revealed new plans to boost philanthropy in arts and culture in the UK through the establishment of the Catalyst Arts Fund.
A £40 million pot has been created as part of a drive by the government to make it easier for wealthy individuals to donate to artistic causes and help build the 'long-term resilience' of arts organisations by increasing their fundraising potential, the coalition claims.
Culture secretary Jeremy Hunt said philanthropy 'underpins the cultural life of the nation' and revealed that the new scheme will also enable collectors to donate pre-eminent objects or works of art to the nation more easily.
They will then receive a reduction in their tax liability in return, based on a set percentage of the value of the donated object.
Mr Hunt commented: 'With increasing international competition and a very strong art market, the UK faces a challenge in securing new acquisitions.'
Alan Davey, chief executive of Arts Council England, said the money would enable the organisation 'to build skills and test new fundraising ideas'.
A consultation to determine who will be eligible to apply is set to run until September 21st.