Government unveils boost to Gift Aid scheme
The government has published draft legislation putting into practice tax measures promoting its 'Get Britain Giving' programme for charities.
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 boost for charitable giving through a modernised and simplified tax system.
This includes:
– the abolition of the £250 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 £1,200 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.
Copies of the draft clauses, draft regulations and interim guidance on the new measures are available on the Inland Revenue website atwww.inlandrevenue.gov.uk
Comments are invited on the draft legislation and guidance and should be e-mailed to [email protected] by 10 March 2000.
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