Draft legislation for the Getting Britain Giving package of measures for charities is published today.
Commenting on the exposure of the draft legislation, the Economic Secretary, Melanie Johnson said:
“The Government values the significant contribution which charities have made in working with the Inland Revenue on the details of the measures contained in the draft legislation.”
The proposals, which were announced by the Chancellor in his pre-Budget Report in November, will provide a significant boost for charitable giving through a modernised and simplified tax system. They include:
– the abolition of the 250 pounds minimum limit for donations in the Gift Aid scheme so that tax relief will apply to any donation, large or small, regular or one-off
– the facility to join the Gift Aid scheme by phone or Internet
– the abolition of the #1200 ceiling on Payroll Giving through the pay packet.
– a 10 per cent supplement on all donations to charities through Payroll Giving for three years
– a new income tax relief for gifts of listed shares and securities
– more exemptions for small trading and fund-raising activities.
1. Copies of the draft clauses, draft regulations and interim guidance on the new measures are available on the Inland Revenue website: www.inlandrevenue.gov.uk.
Paper copies can be obtained from:
Room 130, New Wing
Somerset House, Strand
London WC2R 1LB
2. Comments are invited on the draft legislation and guidance and should be sent to the above address or e-mailed to email@example.com by 10 March 2000.
NOTES FOR EDITORS
The review of charity taxation was launched in July 1997. During the first phase of the open consultation, over 3,000 charities and other interested parties sent in their views on a wide range of subjects. A consultation document was published on Budget Day 1999 containing the Government’s options for further consultation. Some 500 responses were received before the consultation closed on 31 August. A summary of the consultation responses was published on 28 October (see Press Notice 174/99).
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