Tax Advice
How to Give Tax Efficiently
There are various tax incentives when giving to charity, and in certain cases your gift can be worth many times more to the charity than it costs you. Here we have some essential tax advice for high wealth giving, courtesy of Withers LLP, and the Arts & Business/Deloitte Tax Guide for supporting the Arts.
Making your charitable giving tax-efficient
No one gives to charity simply to save tax; even if you give tax-efficiently, it will still cost you something. But if you are
going to give to charity, you might as well do it tax-efficiently: if you want to give a particular amount, giving it tax efficiently will make it go further in the charity's hands; alternatively, if you want the charity to receive a certain amount, giving it tax-efficiently means it will cost you less. And that is money you can keep for yourself or use for another project.
Not only do different countries treat gifts to charity differently, most countries only allow tax–efficient gifts to be made to a charity established in that country and/or established under its law. Donors who are subject to other countries' taxes should take appropriate tax advice, as they may have to give through a charity from the relevant country to receive tax relief in the other country on their gift.
A&B online tax guide - efficient giving to the arts made easy
Since the introduction of Gift Aid in 1990, there have been a
number of major steps to improve the tax treatment of donations in the UK. The cumulative effect of these changes has meant that the UK now has one of the best systems for tax efficient giving in the world.
The A&B online tax guide, developed with the support of the Department of Culture, Media and Sport and Deloitte, illustrates some of the key points around individual giving to the arts, along with a series of real life case studies highlighting how others are already supporting the arts.
The tax guide is for potential donors, wealth managers and arts practitioners to demonstrate that it has never been easier to give to the arts and the tax benefits in the UK have never been greater.
Click here to read the tax guide in full.