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Budget 2011: 10% discount on IHT for charitable giving

Chancellor George Osborne has announced a 10% discount on inheritance tax as part of what he calls ” the most radical reforms to charitable giving.”

The discounted rate will apply where individuals leave 10 per cent of their estate to charity.

In his Budget address today, Osborne says no beneficiaries will be better off as a result of the move.

He says he wants “10 per cent to charity to be the new legacy for the country.”

Osborne has also announced changes to the gift aid process, which will see the removal of the need for donors to fill out forms before consenting to gift aid donations.

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