FINANCE NEWS: Commons debates extending tax relief on gifts to charity

The House of Commons standing committee in charge of scrutinising the 2002 Finance Bill has debated whether to extend the type of gifts to charity which are eligible for tax relief.

Chancellor Gordon Brown extended tax relief on gifts of shares to gifts of land and property in April's Budget.

But the Standing Committee looking at the Finance Bill last week debated an amendment, tabled by Liberal Democrat Treasury spokesman Edward Davey, to extend the reliefs to gifts of all assets such as cars, computers or scientific equipment.

Helen Donoghue, administrator of the Charities Taxation Reform Group, said that if the reliefs were extended it could open up a significant stream of giving to charities, and would help the Government's campaign to increase giving to charities.

The Finance Bill is expected to become law in July.

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