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What's New Blog How does the Budget affect your Ministry?
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Mar
24
2011
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Charitable giving (the section that will affect your ministry income for 2011)
1.137 The Government wants to encourage charitable giving and philanthropy and to support the voluntary sector.
1.138 Building on the 10 point action plan for philanthropy,20 the Government will encourage giving by the wealthiest by:
Þ reducing the rate of inheritance tax by 10 per cent for those estates leaving 10 per cent or more to charity, from a rate of 40 per cent to 36 per cent. This will reduce
19 Independent Public Service Pensions Commission: Final Report, March 2011.
20 Culture Secretary announces plan to boost philanthropy, Department for Culture, Media and Sport, December 2010.
Budget 2011 37
the cost of giving to charity through bequests. The relief is designed so that the benefit of the tax saving is reflected in the bequests received by charities and not in payments to other beneficiaries;
Þ increasing the Gift Aid benefit limit from £500 to £2,500 from April 2011 to enable charities to give ‘thank you’ gifts, to recognise the generosity of significant donors; and
Þ consulting on proposals to encourage donations of pre-eminent works of art or historical objects to the nation in return for a tax reduction.
1.139 Building on the Giving Green Paper,21 this Budget will support the voluntary sector by:
Þ reducing bureaucracy for charities through the introduction of a new system of online filing which will bring Gift Aid into the 21st century; and
Þ introducing a Gift Aid small donations scheme. This will allow charities to claim Gift Aid on up to £5,000 of small donations per year without the need for Gift Aid declarations.
1.140 The Government will also explore how to increase the take up of Payroll Giving, which allows individuals to give through their pay and reduce their income tax bills.
Full download of the 2011 Budget is: http://cdn.hm-treasury.gov.uk/2011budget_complete.pdf
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