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Subject: "More details about Charitable Tax Law" Archived thread - Read only
 
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Eugene Merrett

11-02-00, 12:05 PM (GMT)
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"More details about Charitable Tax Law"
 
   The budget will in March and it is certain that the chancellor will introduce sweeping changes in the tax law to make it easier to gift to charities.

As I said earlier any tax dontaion of any size will result in the donee receiving the equivalent 77tax at basic rate (presumalbly 23/77 of the gift). But it gets even better. higher rate tax payers (less face it Most doners to the ROH are higher rate tax payers probably) can claim additional 12% deduction when they file their tax returns. Moreover corp tax donations will be fully deductable. This puts Britain on par the US in the tax breaks given to charitable donations

The significance of these changes cannot be over-emphasize. It could result in a massive increase in funding. For example US corporation give on average 6x more then British corp (I am not sure whether allowance has been for respective size). US citizen give twice as much to charity as their Britsih counterparts. The result are staggering. The Met has a $100 million endowment fund I am told.

If British citizens and corporations can come close to mathching their US counterparts then we could be in for a golden age of art and culture.


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  Subject     Author     Message Date     ID  
  RE: More details about Charitable Tax Law Stuart Sweeney 12-02-00 1

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Stuart Sweeney

12-02-00, 11:44 AM (GMT)
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1. "RE: More details about Charitable Tax Law"
In response to message #0
 
   Many thanks Eugene for taking the trouble to talk us through the proposed changes. I wonder if the budget wll cover other areas such as the Give As You Earn scheme, which currently has a limit of 1200 pa, from memory?


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