Britain drops plans to limit charity tax relief
Posted On 06/01/2012 09:22:30 by Abel132

LONDON foakleys, May 31 (Xinhua) -- Britain has dropped its plans to cap tax relief on charitable donations, as initially proposed by Chancellor of the Exchequer George Osborne in March.

In a statement on Thursday, the chancellor said the Treasury has "listened" to concerns by charities that warned they could lose a significant proportion of their income because of the measures.

"It is clear from our conversations with charities that any kind cap could damage donations, and as I said at the budget that's not what we want at all," Osborne said.

In the budget, Osborne announced a limit of 50,000 pounds (76,920 U.S. dollars) or 25 percent of one's income -- whichever was higher -- on the amount a person can donate instead of paying in tax. According to his plans, from April 2013 there would be a maximum amount that could be reclaimed in tax relief, including on charitable giving.

More than 1,000 charities had signed up to a call by the Charities Aid Foundation asking the government to reconsider its decision. On Thursday, charities welcomed the news of the change, but the Labour party called the move another u-turn by a "shambolic" government.

This is the latest in a series of changes to budget policies this week, including reversals on the so-called "pasty tax" and caravan tax.

According to the U.K. Treasury's estimates fake oakleys ebay, policy reversals in the pasty tax, caravan tax and charitable giving will result in annual revenue losses of 40 million pounds, 30 million pounds and 50 million pounds respectively. (1 pound = 1.538 U.S. dollars)

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