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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.

To download a copy of our guide to tax efficient charitable giving for UK taxpayers, click here.

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.

The position is more complicated for US Citizens and others subject to US tax who are also subject to UK tax. To download a copy of our guide to tax efficient giving for Americans resident in the UK, click here.

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.

http://www.aandb.org.uk/taxguide/

Top tips on tax and the Arts

Did you know if you make a £50 cash donation to an arts charity and that charity makes a Gift Aid claim, then that donation could be worth £64.10 to that charity?

Did you know that if you decide to make a £500 cash donation to an arts charity, it could be worth £641 to that charity and yet only cost you £385?