tag:blogger.com,1999:blog-2941976044448685733.post3435496994754983402..comments2023-06-20T13:09:56.441+01:00Comments on Art and Artifice: Tax avoidance for all Mollyhttp://www.blogger.com/profile/13355163599192206484noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2941976044448685733.post-48796872140475217372013-02-04T16:52:28.417+00:002013-02-04T16:52:28.417+00:00I have to respectfully disagree that this is tax a...I have to respectfully disagree that this is tax avoidance.<br /><br />Most people would say that tax avoidance is when you achieve a better tax result than that which the Government intended (in other words you are doing something contrary to the spirit of the legislation in question).<br /><br />Here Lucien Freud is doing exactly what the AiL scheme is meant to achieve. The Government wants important pieces of art to be gifted to the State under the scheme, so that they are not sold to private owners.<br /><br />The generous nature of the scheme is designed to encourage use of it, like all tax incentives. Would you say that saving under an ISA is tax avoidance, because interest and dividends paid to you under your ISA are tax free?<br /><br />One final point, the scheme is not just available to artists, it is open to anyone who owns an important work of art (although I am not sure that this is what you meant in any event).<br /><br />Thanks! Matthewnoreply@blogger.com