Charity Tax Plans Reversed
The Government no longer plans to implement a cap on tax relief on donations to charities. The March Budget originally proposed limiting relief at £50k or 25% of income. Many individuals and charities felt that this would undermine some of the motivation to give generously, and as a result deprive charities of much needed funds.
Stuart Etherington, CEO, NCVO, said the following about news of the u-turn, “We are delighted to hear from the Chancellor this lunchtime [Thursday 31 May 2012] that the proposed charity tax has been dropped.
The Chancellor has listened to reason and pledged to drop the charity tax. This is a victory for common sense and validates the strength of feeling from the thousands of organisations who lent their weight to the Give it Back, George campaign. This is a great day for philanthropy.
This victory is in large part down to the support and commitment of our members, and the contributions many of you have made to the campaign. This is a great example of how much can be achieved when the sector comes together.”