Budgeting for success – part 2

March 28, 2011 at 4:10 pm Leave a comment

So the 2011 spring budget has come and gone. Let’s have a look at how the budget affects the charity sector.

The budget has been kind to charities with changes helping organisations in many different ways.

Gift Aid

This was one of the main positives for all organisations across the sector. Charities will no longer have to get written confirmation of every UK resident’s identity in order to claim tax back on smaller donations of up to a total of £5,000. This will make it more comfortable to give gift aid on smaller amounts.

Inheritance Tax

Taxpayers have been given an incentive to leave a legacy in their will. If a taxpayer leaves 10% of their estate to charity their Inheritance Tax rate will be reduced by 10%. This could benefit both donors and charities.

Other items that came up in the budget include abolished tax reliefs, possible VAT exemption for charities and the retention of the community investment tax relief.

What are your thoughts? Let us know below.

Entry filed under: Big Society, Budget, Charities, Funding, Our Community. Tags: , , , , .

Budgeting for success Success (re) defined

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