Some wealthy British philanthropists tell the Financial Times their giving is likely to drop as a result of the government’s plan to cap tax deductions.
The newspaper also reports that major charities are threatening to boycott a planned government-hosted Giving Summit this spring to protest the proposal, which would limit overall tax breaks for high earners to £50,000 ($79,000) or 25 percent of income a year, whichever is highest.
“I give the majority of my income away. If this goes through as planned, it will reduce my philanthropic activities very substantially,” said John Spiers, former owner of financial-services firm Best Invest. “The [tax] relief was not of any benefit to me, but it means money going to good organizations that deliver a good return will instead go to the government.”
The newspaper also reports that major charities are threatening to boycott a planned government-hosted Giving Summit this spring to protest the proposal, which would limit overall tax breaks for high earners to £50,000 ($79,000) or 25 percent of income a year, whichever is highest.
“I give the majority of my income away. If this goes through as planned, it will reduce my philanthropic activities very substantially,” said John Spiers, former owner of financial-services firm Best Invest. “The [tax] relief was not of any benefit to me, but it means money going to good organizations that deliver a good return will instead go to the government.”
This article is taken from "Indianapolis Business Journal"
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