Chancellor’s Tax Incentive Welcomed by UK Museum Leaders
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The UK government has extended the Museums and Galleries Exhibition Tax Relief (MGETR) scheme, providing museums and galleries with a lifeline. The scheme allows institutions to claim tax relief on costs related to setting up an exhibition. Despite this, the overall budget for the UK department of culture, media, and sport has decreased from £1.6bn to £1.4bn for 2024-25.
Chancellor Jeremy Hunt confirmed in his budget statement that the MGETR will be made permanent, enabling museums and galleries to claim back tax on exhibition costs. The relief offers a higher rate of 45% for touring productions and 40% for non-touring productions, with maximum cash repayments capped at £80,000 and £100,000 respectively.
The National Museum Directors’ Council and Art Fund have shown support for the MGETR, stating it has benefited exhibitions of all sizes and provides vital support for the cultural life of the UK. Additionally, the National Railway Museum in York and National Museums Liverpool received funding for capital projects in the government’s “levelling up” initiative. Liverpool received £10m for its Waterfront Transformation project, including the renovation of the International Slavery Museum and Maritime Museum.
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Elara Voss, graduated from the Royal College of Art in London with a Master’s in Fine Art. She specializes in contemporary sculpture and installation art, exploring themes of nature and human interaction. Elara’s works have been featured in several group exhibitions across Europe, and she is currently working on her first solo show.