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Museums are a thing of the past, and now, the future too

HMRC has introduced museum tax relief as an incentive from 1 April 2017.

In the social media age, why should we go and see a work of art in the flesh as opposed to viewing it on a screen? Museums are lynchpins of society that have helped shape history. Artist's pursuit of ‘perfection', and their consistent commentary on history as it evolves is of great importance to history and culture.

Museums up and down the country face a constant struggle to attract the next generation of society to attend their exhibitions. To this extent, the government has recognised their importance, and is rewarding them for their unwavering efforts.

Museums offer free entry to their permanent collections to entice punters to drop in and out as they please, yet visitor numbers at many museums are down year on year.

Museum Tax Relief should allow museums to budget accordingly for increased funding that can allow them to integrate with social media platforms to engage with the latest generation, making exhibitions more interactive than ever before. After all, everyone takes something different away from attending an exhibition, and interprets an exhibit contrastingly. This fuels debate, and the next generation of art historians and commentators – crucial for the industry to survive. Marco Spiro, Leyton UK Tax Consultant, states "Museums are integral to shaping our future through how we interpret the past. Leyton is recognising this, and is assisting museums themselves plan for the future by budgeting for the increased cash flow".

Museum can receive 25% of costs as a tax credit when hosting a touring exhibition, with 20% tax credit if non-touring. Museums can receive up to £500,000 per exhibition held which will inherently improve the customer experience.

Leyton is working with HMRC to champion Museum Tax Relief, as we feel strongly that enriching cultural perspectives is passively important to the wider economy as globalisation moves at an ever-increasing pace.