Charities and the 2014 budget
Social investment tax relief
As announced in the 2013 Budget, the Finance Bill 2014 will provide for 30 per cent tax relief on investments in qualifying social enterprises. This change will take effect from 6 April 2014. The exact details of the relief will be published on 27 March but it is likely that it will unlock significant funding for charities and social enterprises.
Cultural Gifts Scheme (CGS)
CGS allows tax relief where a chattel, artwork or similar object of importance is donated to the nation. Currently, the combined limit for the CGS and the inheritance tax acceptance-in-lieu scheme is £30m a year. This will be increased to £40m for the year 2014–15…
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