UK charity tax relief receipts remain broadly steady but warning over future donations given cost of living crisis
- On July 28, 2022
- By GrowthInvest Marketing
New data published by HMRC shows that for the tax year ending April 2022 tax reliefs for UK charities and their donors was £5.4 billion which was broadly steady (less than 1% different) compared to the previous year.
Jodie Barwick-Bell, tax partner at Evelyn Partners comments: “Given the considerable contribution that charities make to society, it’s positive to see that the total value of reported tax reliefs for charities and their donors have remained broadly steady compared to the previous year. This is an important indicator that charities are benefitting from UK donors and can continue to do good work in communities around the world as a result.
“However, with the cost of living crisis worsening, it’s a concern that those in many professions, such as teachers, will no longer have as much unaccounted for monthly income which could reduce what they can give to charities in the coming year.
“With soaring inflation and rising energy bills, it’s more important than ever before for those with means to continue giving to charities. As the Chair of a charity helping people impacted by food poverty and financial hardship, I see first-hand why donations and grants are essential in the current climate. We have seen a significant increase in the number of people telling us they have no food, or money to buy any food. The cost of living crisis is really biting and people are absolutely dependent on support from charities to be able to eat and feed their families.
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