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Charitable consultation
KEY POINTS
- Tax reliefs for charities are worth about £3.77bn a year while those for individual donors are worth an estimated £1.47bn.
- Reliefs available include business rate relief gift aid donations and VAT and inheritance tax reliefs.
- Consultation allows stakeholders to give their opinions on the current system and improve its efficiency and effectiveness.
- VAT-registered charities are unlikely to recover all their input VAT – an estimated annual cost of £1.5bn.
- Awareness of gift aid is high but only 22% of higher and additional rate taxpayers claim personal tax relief on their donations.
- Government wants more services provided by the voluntary sector. Could this be funded by improved and easily accessible tax reliefs.
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