Monday Issues 16/04/2012 According to Politics.co.uk
U-turn on the way: Govt prepares for climbdown on charity cap. Ministers appeared to be clearing the way for the latest in a long line of government U-turns today, amid an outcry over the cap on tax relief on charitable donations. Exchequer secretary David Gauke told the BBC’s Today programme the government was “keen to explore” ways of protecting charities who rely on substantial donations.There was a similar message yesterday from foreign secretary William Hague, who said the Treasury was “looking at” ways to reduce the impact of the measure on genuine charities. The climbdown comes after a survey conducted by ComRes for the Charities Aid Foundation found 65% of Conservative and Liberal Democrat MPs want the chancellor to exempt charitable donations from the proposed cap.
The proposal, which was contained in the Budget, caps the amount someone can give to charity before incurring tax at £50,000 a year – or at 25% of their income – whichever is highest. Ministers are concerned about individuals giving money to dubious charities abroad in a bid to cut their income tax liability
The U-turn may involve having a separate limit on donations of 50% of a person’s income or allow donors to roll over unused reliefs into future years.
To bolster its arguments, the Treasury released figures last night showing the full extent of tax avoidance among high earners. The figures showed tax relief allowed Britain’s richest six per cent to lower their tax rate to just ten per cent.Almost a thousand British taxpayers who earn over £1 million a year have a tax rate of less than 30% of their income. Read more Coutesy of Politics.co.uk
Ffeirio Says! The tory government are making s0 many u-turns it is starting to make me dizzy. The Tory party are truly in freefall mode number 10 has insisted number 11 does something to limit the damage inflicted by a balls up of a budget inflicted by a pathetic no hoper turned chancelllor George osbourne. Narrow minded thinking over the issues associated primarily with greed, have led to this predicament. This tory government seem to have a plan B for every eventuallity etcept for the economy. it seems they are intent on allowing the poorest, the weakest and the most vulnerable to crash and burn at all costs.
Let`s Debate this issue.
Do you think the tory party has a heart. Do they deliberatly swing in the wind from one stance to another, according to the political views and problems associated with the occasion.Do you see this as a weakness or strength. Do you give the tories the thumbs up or thumbs down? Does it make a difference? May be your unsure perhaps your 50/50. Let us know what you think?
Survivor Campaign. Why not! Sign our e-petition. If we can get 100.000 names we can have the issue debated in parliment
Related articles
- Two-thirds of Coalition MPs would block George Osborne’s charity tax plans (telegraph.co.uk)
- Concession signalled on charity tax (thetimes.co.uk)
- National News: Mega-rich tax bill ‘under 20%’ (coventrytelegraph.net)
- UK News: Mega-rich tax bill ‘under 20%’ (walesonline.co.uk)
