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Proceeding contribution from Stephen Williams (Liberal Democrat) in the House of Commons on Monday, 16 April 2012. It occurred during Debate on bill on Finance (No. 4) Bill.

Finance (No. 4) Bill

I am trying to think whether my hon. Friend has caught me out on a provision, but I am not sure that he has. The reason there has to be a £50,000 limit on relief is that most people who give large amounts of money do so out of their accumulated wealth and their asset base, which may have come from a lottery win or from an inheritance. It is likely to be a one-off event in their life when they receive a large amount of money and philanthropically decide to give much of it away. It would be absurd if the charity was not able to claim higher rate income tax relief if the individual who received that one-off legacy or windfall gain was not able to claim gift relief.

Secondary information

Type
Proceeding contribution
Reference
543 c101 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Child benefit Alcoholic drinks Charities Business Corporation tax Banks Caravans Air passenger duty Housing Donors Income tax Excise duties Fuels Fiscal policy Economic situation Foreign companies Pension credit Personal income Pensioners Low incomes Pensions Prices Welfare tax credits Small businesses Tax allowances Tax avoidance Taxation VAT Stamp duties Tax rates and bands Stamp duty land tax Age allowances
Legislation
Finance Bill 2010-12 to 2012-13
Link
View this Proceeding contribution on www.publications.parliament.uk