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March 23, 2022

Spring Statement: Thinking about the little things …

By Zoya Malik

Chris Sanger, EY’s Head of Tax Policy, comments:

“In a Statement full of large announcements, it was good to see the (UK) Treasury teams remember to think of the second order consequences.  The much acclaimed 1p cut in the income tax rate from 2024 will impact Gift Aid, as it will reduce the tax support that the government provides to charities on donations.  The Chancellor has therefore included a three year transition period, where charities will still receive relief at 20% even though taxpayers will have only paid 19%. Not something to be overlooked.”

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