Advice Investments Wealth management
Search

Press comment: Business urged to back NET appeal as Chancellor announces charity support

8 April 2020

If you are covering today’s announcements from the Chancellor, Rishi Sunak, concerning additional support for charities, please see the following commentary from Quilter.

Quilter announced on 20th March that it was donating to the National Emergencies Trust (NET) Covid-19 appeal. The business has sought to raise awareness of the NET appeal and encourage the financial services industry to donate.

Quilter corporate affairs director, Jane Goodland, says:

“As a society we find ourselves facing an unprecedented challenge and it is crucial that businesses do their part to support charities. Following today’s announcement from the Chancellor, we are again urging businesses not to cut back on charitable spend and to come together and support charities such as the National Emergencies Trust, which will ensure donations are distributed to the front line to those tackling Covid-19 so that support gets to those in most need.

“Charitable organisations will play a crucial role in helping the country bounce back from the coronavirus pandemic and it is incumbent on the private sector to step up and show their support for charities struggling to deal with this crisis.

“Charities are always under pressure to maximise every penny of funding. But third sector finances are now more stretched than ever as they face both an increase in demand for their services at the same time as fundraising becomes more challenging. Many charities have had to adapt quickly to continue offering critical community support in the current environment, and they will play a huge part in helping society bounce back on the other side of this crisis.”

 

Rachael Griffin, financial planning expert at Quilter, adds:

“Supporting charities is an incredibly powerful way of giving something back to society and helping those most in need. Many people make it a core part of their financial plan to give money to charities as a way of investing in society, alongside the investments they make in their own future. And there are a number of tax breaks afforded to those that donate to charity, recognising the social good it does and ensuring that individuals can target every penny of their donations to charity rather than seeing a deduction retained by the taxman.

“A lot of people will be familiar with the concept of ‘gift aid’. This allows charities to claim another 25p for every £1 of donations. This top-up provides a really valuable extra boost. But it is not the only tax efficient way of giving to charity. If your company runs a payroll giving scheme then it means you can give to a charity from your salary without paying income tax. That means that for a higher rate tax payer with an income tax rate of 40%, for example, a £1 donation only means they forgo 60p of take home pay.

“Many people also choose to give money in their Will. This is an amazing way to leave a legacy of charitable giving and anything you leave to charity will be free of inheritance tax (IHT). And if you leave more than 10% of your estate to charity, then the rate of IHT payable on assets left to your family reduces from the normal 40% to 36% so it can be overall tax efficient for some people. Before  writing a Will or considering leaving money to charity it is a good idea to speak to a professional financial adviser.”

For more information contact

Michael Glenister
0207 7789 638  
07469 144 535
Michael.Glenister@quilterinvestors.com

Notes to Editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.