UK Government Weighing Tax cuts for Philanthropists
Philanthropists in the UK could be rewarded for their generosity in the foreseeable future. A report commissioned by the country's ministers has suggested income tax cuts for the country’s most charitable donors.
The study, which highlights ways to boost philanthropy for the arts and heritage, recommended that the most generous patrons have their income tax reduced if they make a “minimum period financial commitment to a charity,” the Telegraph reported. The UK's most prolific philanthropists could reportedly save millions of pounds in taxes under the proposal.
According to a study by the Charities Aid Foundation and the National Council for Voluntary Organizations, individuals in the UK gave 11 billion pounds to charity between 2010 and 2011.
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Philanthropists in the UK could be rewarded for their generosity in the foreseeable future. A report commissioned by the country's ministers has suggested income tax cuts for the country’s most charitable donors.
The study, which highlights ways to boost philanthropy for the arts and heritage, recommended that the most generous patrons have their income tax reduced if they make a “minimum period financial commitment to a charity,” the Telegraph reported. The UK's most prolific philanthropists could reportedly save millions of pounds in taxes under the proposal.
According to a study by the Charities Aid Foundation and the National Council for Voluntary Organizations, individuals in the UK gave 11 billion pounds to charity between 2010 and 2011.
Read Full Article>>>