HC Deb 12 February 1976 vol 905 cc307-8W
Mr. Hannam

asked the Chancellor of the Exchequer (1) what is the estimated cost of allowing gifts by individuals to charities of an amount not exceeding £500 per year as a deduction for income tax purposes, assuming that such right would be exercised to its fullest extent by 10 per cent. of individuals liable to tax at rates higher than the basic rate;

(2) what is the estimated cost of allowing, as a deduction from income for tax purposes, payments under deed of covenant by individuals to charities, assuming that no additional covenants were generated by such relief;

(3) what is the estimated cost of granting relief for corporation tax at 1974–75 rates to companies for donations to charitable bodies to an amount not exceeding £5,000 or 2 per cent. of taxable income per company per year, whichever is greater, assuming that 50 per cent. of companies liable to pay corporation tax would take advantage of this relief.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Hannam

asked the Chancellor of the Exchequer what is the estimated cost of extending the present relief from capital transfer tax for gifts of exceptional works of art on the death of the donor to all gifts to arts charities or arts institutions to a maximum of £10,000 per donor.

Mr. Denzil Davies

The cost cannot be estimated but is unlikely to be other than small.