New consultation on Gift Aid rules
HMRC held an initial consultation in early 2016 with the aim of simplifying and improving the current Gift Aid regime. The Government’s stated aim was to increase the number and value of claims though simplification of the process. However, there was a clear lack of consensus on the reforms proposed.
A new consultation has been launched with four specific questions:
- Would changes to the relevant value thresholds (3 options given) represent a useful simplification to the current thresholds?
- Which relevant value reform would be the simplest for the charity sector overall?
- Would a low value disregard be a welcome simplification?
- What is the minimum level at which low value disregard would be useful to charities?
If you would like to respond to the consultation, you will need to submit your comments to HMRC by 3 February 2017 to firstname.lastname@example.org.
For more information on gift aid rules for charities please contact Elizabeth Irvine.