Individuals would use a ‘complex arrangement of offshore trusts’ to manipulate the value of gilts donated to charities. The Inland Revenue claims the scheme is designed to cut the income tax liability of the individual while giving negligible benefit to the charity.
‘We welcome this measure which defends the tax breaks designed to encourage giving to charities. Any abuse of charitable reliefs by donors rebounds on the whole charity sector by tarnishing its reputation; we support all initiatives that protect the integrity of the sector,’ said Helen Donoghue, director of the Charities’ Tax Reform Group.
Changes were made effective to the finance bill today. ‘Genuine gifts of shares and securities to charity will continue to get tax relief, and we will continue to encourage genuine donors to give in this way,’ said John Healey, economic secretary to the Treasury.
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Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said