Baroness Armstrong of Hill Top: HMT: Written Answers (1)

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Written Question

Khalida Jarrar

Friday 21st July 2017

Asked by: Baroness Armstrong of Hill Top (Labour - Life peer)

Question to the HM Treasury:

Her Majesty's Government whether they have considered the introduction of fiscal incentives to encourage more philanthropic giving from wealthier members of society.

Answered by Lord Bates

The Government already provides a range of generous tax reliefs for the charity sector, worth over £5 billion including £1.5 billion of relief to individuals in the tax year 2016-2017. This includes higher rate tax relief on donations by higher and additional rate taxpayers, worth £520 million, and relief on gifts of shares and property, worth £70 million. Individuals can also get generous tax reliefs if they invest in a social enterprise including a charity, using the social investment tax relief scheme.