Over 900 organisations have already signed up to the joint Give it back, George campaign led by NCVO, the Philanthropy Review and CAF calling on the Chancellor to reverse his decision to include charitable donations in the Tax Relief cap announced in the Budget.
George Osbourne announced in his budget that he would limit the amount of tax relief on charitable donations to £50,000 or 25 per cent of income. This change is bad news for organisations large and small. Philanthropists play a big role in funding the sector, last year 7% of donors gave 45% of the money donated to charity. Many of these gifts are used to set up grant-making trusts and foundations.
Sally-Anne Greenfield of Leeds Community Foundation (LCF) said:
“We believe that this is a very misguided decision that was intended to reduce tax avoidance but has resulted in a situation that is potentially extremely damaging for all charities. If the cap is introduced as planned, we believe major donors will give less and this means that vital support for community initiatives will potentially be lost”
LCF is urging Leeds residents to write to their local MP, and George Osbourne expressing their concerns and to sign-up to the Give it back George campaign at http://giveitbackgeorge.org/back-the-campaign