The Bill restricts charitable tax reliefs to UK charities only, with donations located in the EU and the European Economic Area no longer qualifying for UK charitable tax reliefs from April 2024. This potentially affects individuals who claim income tax or capital gains tax relief on donations to non-UK charities, as well as those who expect inheritance tax exemption on lifetime gifts or on legacies to such organisations.
Law Society president Lubna Shuja warned this week that firms should consider whether they have wills which need to be revised and will need to be aware there is now a ‘reduced pool of organisations which will qualify as a charity’.
Shuja also called for the Bill to be amended so law firm partnerships qualify for the full expensing scheme, which allows companies to claim 100% capital allowances on investments for the next three years.
.tmb-mov69x69.jpg?sfvrsn=4a74b61f_1)
