It may seem curious, then, that when Rabb began her work at the Hospital she would not consider asking an artist to donate his or her own work.To professionals in the art world this hesitance makes sense: unlike art collectors, who are incentivized to donate artwork because they may deduct the fair market value of the work from their taxable income, artists may only deduct the value of their supplies – which likely amounts to the negligible cost of paper, brushes, and paint.In an interview for Center for Art Law, Lauren Rabb, who once also owned a gallery and worked as a museum curator, stated: “Everyone in the art world has come into contact with this [tax provision].”Under § 170 of the Internal Revenue Code of 1986 and § 1.170-1(c)(1) of the Code of Federal Regulations, when a taxpayer makes a charitable contribution of tangible property, including artwork, he or she may deduct the fair market value of that tangible property from his or her taxable income.
Normally any transaction you carry out today would affect the current tax year, not the previous one, but charitable donations are treated differently.
Mr Brokenshire published submissions from party leaders on the issue.
DUP leader Arlene Foster wrote: "In addition to the more general question of whether to introduce full transparency, we are of the view that legislation to provide for this should apply to those donations and loans received following new legislative provisions taking effect." Sinn Fein president Gerry Adams made no mention of backdating the measure.
So if, for example, you have some spare cash and want to cut your tax bill, you could give the money to charity now to reduce the amount that you send to the taxman this week.
Claiming full relief on pension contributions Everyone knows that higher-rate taxpayers can claim full relief on pension contributions – one of the most generous tax breaks around and one that makes 40pc tax effectively optional for those who can afford to save large sums.