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Budget 2012: no gifts for charities

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Charities will be anxious for further details of the proposals to introduce a limit on the amount of income tax relief individuals can claim - to £50,000 or 25% of income, whichever is greater. The limit could have a significant, adverse, impact on large donations to charities and seems contrary to other recent steps by Government aimed at encouraging charitable giving by individuals, such as the reduced rate of inheritance tax for estates where more than 10% is left to charity.

The Government has said that it will explore ways to ensure that the new limit does not impact significantly on charities that depend on large donations but what many charities will be hoping for are greater incentives for lifetime charitable giving.


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