Alan Thomson Director of Charity Taxation at Chantrey Vellacott DFK sets out how the recent Budget will impact on the charity sector
Gift Aid — Transitional Relief
Everybody who is involved with charities will be pleased that the Government listened to their concerns about the potential fall in charity tax receipts under Gift Aid following the announced cut in the level of basic rate tax. The Chancellor has announced a three-year transitional relief scheme for Gift Aid claims. Claims can continue to be made from 6 April 2006 at a transitional rate of 22% in 2008/09 2009/10 and 2010/11. It is estimated that this will be worth approximately £300 million to the sector over the three-year period.
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Alan Thomson Director of Charity Taxation at Chantrey Vellacott DFK sets out how the recent Budget will impact on the charity sector
Gift Aid — Transitional Relief
Everybody who is involved with charities will be pleased that the Government listened to their concerns about the potential fall in charity tax receipts under Gift Aid following the announced cut in the level of basic rate tax. The Chancellor has announced a three-year transitional relief scheme for Gift Aid claims. Claims can continue to be made from 6 April 2006 at a transitional rate of 22% in 2008/09 2009/10 and 2010/11. It is estimated that this will be worth approximately £300 million to the sector over the three-year period.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
