[analyse_image type=”featured” src=”https:\/\/www.artnews.com\/wp-content\/uploads\/2025\/08\/GettyImages-2221372230.jpg?w=1024″]<\/p>\n
\n\tMaria Balshaw, who in December announced her plan to step down from her role as director of Tate since 2017, said that UK chancellor Rachel Reeves should incentivize donations to museums\u2019 endowment funds by offering bigger tax breaks to would-be philanthropists.<\/p>\n
\n\tIn an interview with the Financial Times<\/em>, Balshaw said, \u201cThe government could do a lot more to incentivise giving by very rich people, because British museums are competing on a very uneven playing field compared with US institutions. Rachel Reeves\u2009.\u2009.\u2009.\u2009should think hard and creatively.\u201d<\/p>\n \n\tShe continued: \u201cThe arts are part of the public good so we need public funding, not just commercial and philanthropic. But we could make a real shift in terms of financial stability. A modest tax incentive for endowment giving would not be unaffordable, and it would be transformational.\u201d<\/p>\n \n\tIn June, Tate launched an endowment fund known as the Tate Future Fund with aims to raise \u00a3150 million (around $200 million) by 2030. As reported by the Guardian<\/em> at the time, Balshaw said, \u201cThere are a number of organisations in the UK that are working hard to create endowments, especially in higher education, but no cultural organisation has done an active campaign like this before.\u201d Since then, Tate\u2019s endowment has risen to \u00a355 million ($73.3 million) from \u00a343 million at the time of its launch.<\/p>\n \n\tAccording to the FT<\/em>, Tate recorded a \u00a35 million operating deficit in 2024\u201325, but Balshaw said the institution is on track to maintain a balanced budget this year. She also said the government should mandate a \u201ctourist tax\u201d in England and reserve 80 percent of the revenues to continue free admission to museums.<\/p>\n \n\t\u201cThe British Museum and the V&A, in particular, hold the best of many other nations\u2019 art and culture,\u201d Balshaw said.\u2009\u201cWhat does it say to people from the rest of the world if we say, \u2018We\u2019ve got your stuff, but we\u2019re going to charge you to come in\u2019? I don\u2019t like that idea.\u201d<\/p>\n<\/div>\n<\/div>\n [analyse_source url=”https:\/\/www.artnews.com\/art-news\/news\/tate-director-maria-balshaw-tax-breaks-1234777580\/”]<\/p>\n","protected":false},"excerpt":{"rendered":" [analyse_image type=”featured” src=”https:\/\/www.artnews.com\/wp-content\/uploads\/2025\/08\/GettyImages-2221372230.jpg?w=1024″] Maria Balshaw, who in December announced her plan to step down from her role as director of Tate since 2017, said that UK chancellor Rachel Reeves should incentivize donations to museums\u2019 endowment funds by offering bigger tax breaks to would-be philanthropists. In an interview with the Financial Times, Balshaw said, \u201cThe government […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,226],"class_list":["post-1830026","post","type-post","status-publish","format-standard","hentry","category-politics","tag-artnews-com","tag-crawlmanager"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1830026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1830026"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1830026\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1830026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1830026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1830026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}