Budget helps with Gift Aid and legacies
Howard Lake | 23 March 2011 | News
In today’s Budget speech the Government announced a number of significant changes to Gift Aid and the taxation of donations to encourage philanthropy and reduce the burden on claiming Gift Aid, especially for smaller charities.
These include:
1. The rate of inheritance tax on estates leaving more than 10% to charity will be reduced from 40% to 36%.
2. The Gift Aid benefit limited will be increased from April 2011 from £500 to £2500 to allow for more generous gifts to be given to donors in thanks for their donations.
3. A new online system will be put in place to allow online filing of Gift Aid claims.
4. A small donations scheme will be introduced that will allow charities to claim Gift Aid on up to £5000 of small donations per year without the need for any information to be collected from the donor. This will effectively create a match giving scheme at Gift Aid levels for cash donations at events or through street or door to door collecting for smaller charities.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.