Brexit & EconomyPoliticsPhilanthropy on Darling Budget agenda

Philanthropy on Darling Budget agenda

Wealthy individuals and corporates that fund charities may see their contributions classified as tax-free donations rather than sponsorship, as Alistair Darling prepares to use the Budget to promote philanthropy

Earlier this month, the chancellor said he wanted to ‘encourage people who
are in a position to do so to donate more to the public good’, and advisers
believe reclassifying sponsorship rules for charities is an obvious reform to
make.

‘A contribution made to a charity in return for a company’s name being
associated with the charity is treated as sponsorship and taxed as services
income.

This sponsorship could be treated as a tax-free donation instead,’ said Pesh
Framjee, head of Deloitte’s not-for-profit unit.

Any moves to encourage philanthropy will be welcomed by organisations such as
the UN, which has had to curtail food aid because of rising food prices.

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