This article was last updated on April 16, 2022
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The Treasury has confirmed it is withdrawing plans from Chancellor George Osborne’s proposed Budget to impose a cap on tax relief on charitable donations.
Exchequer Secretary to the Treasury, David Gauke has told the reporters: “This is not [bad] news that’s going to be buried… every day is a busy day this week.”
The about-turn is considered to be the biggest yet, in a week of announcements that have rolled back measures from the March 21 Budget, now seen as one of the most substandard for years. The proposal to limit tax relief to £50,000 was a major plank of the Budget in a bid to make the rich pay more, but had outraged the charities who said it would affect their funding.
Last night a leading Tory donor and a venture capitalist, John Moulton has said he would not financially supporting the party any longer because he was “uncomfortable” about the charity tax relief measure.
In the last week the government has made a confirmation that it was scrapping plans to impose VAT on hot pastries and a 20 percent VAT levy on static caravan.
A fourth U-turn was made by Justice Secretary, Ken Clarke over a decision not to further go with secret inquests.
Labour has claimed this week the coalition had made 32 major policy U-turns within a two year span, but Deputy Prime Minister, Nick Clegg has replied that it is a healthy sign that the government was ‘listening’.
Mr. Chancellor has stated that he was blinking first in his battle with charities over the tax relief plan in order to ‘not get distracted with unnecessary arguments’ and set to focus on the big issues such as the eurozone crisis and the country’s deficit.
The chief executive of the Charities Aid Foundation, John Low has expressed his ‘delight’ at the development.
Treasury sources have indicated the government’s back-stepping on charity tax relief, pastries and caravans would cost it £150million a year.
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