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A view of wealth & philanthropy from the other side of the pond
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The rise in Capital Gains Tax announced in the emergency Budget could have a positive impact on philanthropy if wealthy individuals seek to avoid paying the higher rate by gifting more assets to charities.
Neil Simpson, commercial partner at accountancy firm haysmacintyre, told Civil Society that the rise in CGT for higher-rate taxpayers from 18 per cent to 28 per cent would only enhance the value of the exemption donors receive when they give assets to charity, so could encourage more philanthropy amongst the rich.