Speaking up works – Downing Street has now promised that the government will launch a formal consultation in the summer into a cap on tax relief for philanthropists.
Many charities depend upon major gifts from philanthropists. And in turn, these gifts are incredibly important: £11 billion was given to charity last year, with almost half of this coming from just 7% of donors. And many of these gifts are used to set up grant-making trusts and foundations that support small charities.
Today’s gifts are tomorrow’s grants.
These donors are given strong encouragement to give by an income tax relief called Gift Aid.
Until now, that is. In the March 2012 budget the Chancellor announced a cap on income tax reliefs that will affect charities both large and small and the philanthropists who support them. There’s a detailed explanation here.
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