The WEA is among the six hundred charities – and counting – who are supporting NCVO’s (National Council for Voluntary Organisations) new campaign called ‘Give It Back George’.
The campaign has been created to persuade Chancellor George Osborne to reverse the decision, made in the March 2012 budget, to cap income tax reliefs – including the much-loved Gift Aid – that will affect charities both large and small and the philanthropists who support them.
Gifts of £200,000 or more will be subject to the new rules which, charity leaders fear, may act as a disincentive to people wishing to donate large sums of money to charities and trusts. Under the old rules, tax-relief on charitable gifts meant donors would have the satisfaction of seeing the value of their donation to their chosen charity increased by up to 40%.
Although not yet finalised, the new scheme threatens to reduce this tax relief by such a large margin, that philanthropists may think twice about donating, or will have to donate significantly more to achieve the same level of donation as that achieved prior to March’s budget.
The charity sector is attempting to understand the complex set of new rules and the possible ramifications on charitable giving.
As a charity seeking major donations in support of our charitable mission, the WEA also stands to lose under the new scheme.
NCVO is asking individuals and charities to sign up to the new campaign on the new ‘Give It Back’ campaign website.
So far over 600 organisations have pledged their support and over 3,000 individuals have signed up. NCVO are asking individuals and organisations to get busy on social media channels to spread the word to maximise support for the campaign.
If you’re an existing donor or supporter to a favourite or family charity, and are worried about the impact of the new rules, you can read more and sign up at ‘Give It Back’.
The site includes resources and links to help explain the practical implications of the new rules.