Charity tax improvements might unlock more people giving to charity
According to a new report from the Charity Tax Commission led by the former chairman of the Inland Revenue (Sir Nicholas Montagu), tax reliefs offered to UK charities are in urgent need of an overhaul. The new proposal aims to ensure that charities increase their income by spending less on administration and making donating far quicker and easier.
One of the key proposals is to enable higher rate tax payers to pass their tax relief onto their chosen charities more easily. They believe this could raise at least a further £250m for good causes every year. The report also suggests the formation of a central database where users can create a single enduring universal declaration covering gifts to charities.
Sir Nicholas Montagu has said “Today, charitable tax breaks are worth a total of around £5bn a year. The question is whether the current rules, regulations and reliefs behind this do everything they can to support the brilliant work of our charities and amplify the kindness of our fellow citizens.”
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