Guernsey Outlines Tax Changes For Charitable Donations
by Jason Gorringe, Lowtax.net, London
12 October, 2017
Guernsey's Policy and Resources Committee has announced changes to the way charities are funded, commencing in 2019.
The changes, which were published in the recent 2018 Budget, will see the establishment of a social investment commission and revisions to the gift aid scheme for donations.
Money currently paid out in tax relief to charities under the gift aid scheme will be made available to the commission to distribute in a targeted manner, ensuring funding for charities whose services support Guernsey's Policy and Resource Plan.
The Committee says the commission will be established by January 1, 2019. To access funding, charities will need to meet certain criteria and be able to show that effective governance standards are in place. The Committee says many charities already meet these standards, and those that do not will receive advice on the steps they need to take.
There will be no change to the current tax relief system in 2017 and 2018, and the Committee says it will engage with charities over the course of this year to ensure that when the changes take place there is minimum upheaval and plenty of advance notice.
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