§ Lord Lester of Herne Hillasked Her Majesty's Government:
Whether they will introduce greater tax concessions for the donors of charitable gifts, similar to those available in the United States, to encourage increased funding of universities and the arts by philanthropic means. [HL493]
§ Lord McIntosh of HaringeyThe tax incentives available to donors of charitable gifts are the same for all charities, including universities, museums and galleries and theatre companies that are registered as charities. There is a range of tax reliefs both for companies and for individuals on donations through the payroll, Gift Aid, and reliefs on gifts of shares. These tax reliefs are in some ways even more generous than those available in the United States. For example, in the UK a donor could completely extinguish his or her tax liability in one year through tax relief on gifts to charity, whereas in the US there is an annual limit. The tax reliefs in the UK are, however, less well known among donors. In order to tackle this the Government work in partnership with the charitable sector, for example through their support of the Giving Campaign in its work to ensure donors are aware of the tax reliefs available to them. The Chancellor keeps all aspects of the tax system under review.