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
Articles from this Author
1st August, 2017
Charity Governance Code
7th July, 2017
ICAEW Audit insights: charities – positive impacts in challenging times
21st November, 2016
Academies update-Academies Financial Handbook 2016
20th April, 2016
Trustees – would you be able to manage any financial difficulties that could affect your charity?
“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…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole