Individual Savings Accounts: Charities
The question
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of introducing Charity ISAs to support long-term funding for the charity sector.
Answered by Rachel Blake
The Government already offers a range of tax advantaged savings accounts (ISAs) that are well placed to support individuals to donate the capital and/or the growth to a charity of their choice.
In addition, Gift Aid enables charities to claim a basic rate top-up on eligible donations and incentivises taxpayers to donate more to charity. Gift Aid and Higher Rate Relief on Gift Aided donations provide over £2.5 billion of tax relief. The government keeps all taxes and reliefs under review, and we remain committed to ensuring charities get the most out of the existing system, and to improving that system where we can.
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