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CAF welcomes the budget 23/04/09
 

The Charities Aid Foundation has welcomed the budget.

Commenting on the chancellor's speech, John Low, chief executive of the Charities Aid Foundation (CAF), said: “The Chancellor delivered some very welcome good news for charities. Coming in an extraordinary budget when nobody expected much help, this demonstrates recognition right at the heart of Government that charities are the front line support for many people during these difficult times.

“A number of measures were announced which will have a positive impact on the Sector. Money from the £20million Hardship Fund will be very welcome by those charities who qualify. This will enable them to help more people adversely affected by the recession even when facing hardship themselves.

" Many more charities and social enterprises could benefit from the creation of a Social Investment Wholesale Bank and the “Future Jobs Fund” will also enable charities to create new opportunities for the young unemployed.

On the tax Increase for people earning over £150k Low said: “The planned increased in income tax for people earning over £150K creates an opportunity for charities to increase donations from these taxpayers.

"If they don’t want to pay the extra tax then it can be donated to charity and tax relief on 30% of the donation can be claimed back in the year end tax return. In a recent survey nearly one third of higher rate taxpayers said this tax relief incentivises them to give to charity."

On the social investment bank, he said: “I welcome the Government taking forward plans for a Social Investment Wholesale Bank to support charities. This could be a very good source of long term funding that strengthens the sector and it’s good to see it firmly on Government’s agenda.”

And on rules for major donations, he commented: “Further consultation on the rules for substantial donors is very welcome. In fact Government has today invited representatives to contribute to this! It’s clear the Treasury and HMRC are keen to ensure the rules do not inadvertently restrict legitimate donations. We still hope that Government will eventually abolish these rules which we believe are unnecessary.”

 

 
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