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
24th July, 2018
Academies Accounts Direction 2017/2018 (AAD)
9th February, 2018
Guidance for charities regarding the changes to the automatic disqualification of trustees rules
30th November, 2017
Legislative changes affecting the Charitable Incorporated Organisation (CIO)
14th November, 2017
Updated guidance for independent examiners (CC32)
Mercer & Hole’s Financial Planning team win Moneyfacts Tax & Estate Planner of the Year 2018… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole