"At the V&A, we're seeing wealthy individuals who we know would have supported capital projects in the past, no longer feeling able to. We're seeing, particularly in South Asian communities, the attractiveness of Dubai as a place between South Asia and Europe."
"I would urge the government to reverse the inheritance tax component of the non-dom policy because I think non-doms would be happy to pay more to be in the UK. But it's the inheritance tax component, which is really driving people away,"
"We're so passionate about it is [because] if four out of five tourists come to London for culture, then why are we not doing what every other major European entity global city does, which is to have a hotel levy that goes into the infrastructure to support the tourism,"
New rules introduced in April make worldwide assets of UK residents subject to a 40% inheritance tax, including assets held in trusts. A cumulative crackdown on non-domiciled residents has prompted a flight of capital and reduced philanthropic support for cultural capital projects. Wealthy individuals who previously backed capital projects are increasingly reluctant to contribute, with South Asian communities showing increased interest in relocating to Dubai as an intermediary between South Asia and Europe. Reversing the inheritance tax component could encourage non-domiciled residents to remain and donate. A proposed hotel levy of around 3–5% on overnight stays could raise over £1bn to support cultural infrastructure, leveraging the fact that four out of five tourists visit London for cultural reasons.
Read at The Art Newspaper - International art news and events
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