The Finance Act 2012 formalised the Government's 2011 budget proposal to encourage legacies to charity. This is achieved by reducing the rate of
In March this year we reported that progress had finally been made towards a statutory residence test (referred to as the SRT) with the Government promising a consultation document.
The Government has issued a Consultation Paper giving more detail about the Budget proposal to encourage legacies to charity by reducing the rate of inheritance tax (IHT) from 40 to 36 for estates in which at least 10 of the taxable estate is left to charity.
Agricultural values are being driven by a number of factors including the need to produce food, farmland being viewed as a safe asset in volatile times, and by the potential tax incentives, in particular the inheritance tax (IHT) relief offered and the scope for capital gains tax roll-over relief.
In the Budget in March 2011, the Chancellor announced a package of reforms which the government has since described as ‘the most radical and generous reforms to charitable giving for more than twenty years’.
Peer pressure can be a good thing.
The Government’s White Paper on Giving comprises a key part of its ‘Big Society’ programme.
The Court of Appeal (Ld Neuberger MR, Patten LJ, Black LJ) has decided in favour of the charity in the RSPCA's appeal in the case of RSPCA v Sharp 2010 EWCA Civ 1474.
Lifetime legacies, taking the form of the charitable remainder trust ('CRT') and its mirror image, the charitable lead trust ('CLT'), have long featured in the toolkit of philanthropic tax-planners in the USA.
The UK government's spending review, in which heavy cuts to programmes received wide attention, has also given HM Revenue & Customs £900 million with which to address the tax gap and tackle tax evasion and avoidance.