London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

Rethink on tax relief limit on charity giving

Chancellor George Osborne announced in the March 2012 budget that from April 2013 there would be a limit for charitable giving of £50,000 or 25% of income, whichever was the higher figure. He has now dropped these plans.

The thinking behind the original announcement was to stop higher rate tax payers reducing their tax liability by donating to charity, in some cases reducing their liability to zero. Although they were not benefitting financially critics said that it meant that they were choosing how money was being spent, unlike most tax payers whose cash goes to the government to fund things such as hospitals and schools.

Charities felt that this would reduce or in some cases stop donations and have therefore welcomed the rethink.
 

 

 

Date: 1st June, 2012
Author: Wendy Bambrick

SHARE THIS

Articles from this Author

Tweet

“Good luck to everyone who has also made it as a finalist, I look forward to awards evening later on in the year”-L… twitter.com/i/web/status/8…

Michael Lapham shortlisted in the Money Management Financial Planner Awards 2017 bit.ly/2fL8VXBtwitter.com/i/web/status/8…

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn