Budget reforms to boost charitable income
Midlands Air Ambulance has welcomed reforms outlined in this year’s Budget.
The Charity, which responded to more than 3,000 emergency call outs last year, is set to benefit from reforms relating to both legacy giving and revised Gift Aid rules. From next month inheritance tax will be reduced by 10 per cent for everyone who donates 10 per cent or more of their estate to charity.
“I want to make giving 10 per cent of your legacy to charity the new norm in our country” said George Osborne, a move favoured by Midlands Air Ambulance which relies solely on public donations.
Last year approximately 40% of the Charity’s annual income was funded through legacies.
Hanna Sebright, Charity Director at Midlands Air Ambulance says “Four in every ten incidents the Charity responds to is funded by gifts from wills, so anything that encourages people to leave gifts to charity is a very welcomed move.”
Mr Osborne also expects more than 100,000 UK charities to gain £240 million under the measures which would allow gift aid “on the contents of the collecting tin and the street bucket” for the first time.
With more than 11,000 collection tins displayed at various locations across the Midlands and daily bucket collections this will have a direct and real impact on funding for the local air ambulance service.
“The commitment to bring Gift Aid into the 21st century is a good move by the government. This reform has the potential to bring in thousands of pounds for the Charity without anyone being out of pocket,” says Hanna Sebright.