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FA 2012 introduced a scheme to stimulate lifetime giving by encouraging taxpayers to donate pre-eminent objects, or collections of objects, to the nation¹. Following the donation which includes the transfer of title to the relevant minister, the objects may then be loaned or given by the minister to appropriate institutions, including certain charities and accredited museums, for safe-keeping and to provide public access. In return, transferors will receive a reduction in their UK tax liability based on a percentage of the value of the object they are donating. There is, however, no guarantee that the offer of the pre-eminent object will be accepted².

Where an individual, other than a trustee or personal representative³, makes a qualifying gift, a portion of that individual's income or capital gains tax liability for up to five tax years is treated as paid either when due, or if later, on the date when the offer was registered in accordance with the scheme (the offer registration date⁴)⁵.