Tax Relief for Charitable Giving
Many successful individuals engage in charitable giving and indeed, it can form an important aspect of your tax planning as well as meeting any desire you may have to leave a legacy or give back to society in some way. At Ritchie Phillips, we have the knowledge and experience to show you how to make sure your charitable giving has greater impact.
Giving back
In some cases, you may achieve your objectives through donations made directly to existing individual charities. In others, establishing your own charitable trust may be preferred, particularly where significant funds are involved and a long-lasting cause is to be pursued.
There are a number of tax incentives for giving to charity to encourage donations, the most common and well know being Gift Aid. However, while no one supports charity to simply save tax, if you can achieve tax savings, it will ensure your giving stretches further and this may be achieved by way of donations of money, property or other assets, whether during lifetime or on death.
Our in-depth experience means we can provide you with specialist advice and support in respect of your charitable giving with:
- The creation of a new charity, either as an unincorporated trust or an incorporated entity
- The issues faced by a charity during its life, including the governance arrangements
- The administration, accounting, regulatory and compliance issues
- How best to deal with a charity as it comes to the end of its useful life
- When a charity’s objectives are best achieved by merging with, or being acquired by, another charity
Our commitment to philanthropy and charitable giving is evidenced by the charitable causes Ritchie Phillips is proud to support, now and in the past.
If you would like to discuss charitable giving and how to achieve this in the most effective way, please get in touch.
