George Osborne has delivered his sixth Budget as chancellor, and the last of the current Parliament. But what does the Budget mean for the charity sector?
It was revealed that charities will be able to claim more gift aid on small donations. The amount of small donations charities can get an extra 25% top up payment on in gift aid without needing any paperwork, is increasing from £5,000 to £8,000 a year, from April 2016.
The government expects 6,500 charities to claim in full the higher new cash boost of £2,000 a year – nearly double the current amount. The increase will be worth up to £750 per annum to claiming charities. The new Digital Giving regime is also expected to come into effect from the same date.
Commenting on the Budget measures, John Low, Chief Executive of Charities Aid Foundation, said: “There are some positive measures in the Chancellor’s statement. The charity sector was not going to loom large in this pre-election budget but the initiatives are indeed welcome. Extending the Gift Aid Small Donations Scheme is a useful step in the right direction and we hope to see the donation maximum increase proportionately in the future.”
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