One of the most ill-conceived items in the UK Budget has just been scrapped. The plan to stop people giving more than £50,000 a year or 25 percent of income has been scrapped by the Chancellor, George Osborne.
He deserves to be congratulated for listening to common sense and national outrage. The proposal would have devastated national museums and performing arts companies which depend on the generosity of donors – a generosity that would have been constrained if the tax implications had to be configured on every single gift. Its abolition means that companies like Covent Garden will soon be able to announce that they receive more in private and corporate donations than they do from the state – a much more positive state of affairs.