A member’s concerns about a potentially hazardous share donation scheme has enabled the Institute of Fundraising to work in partnership with HM Revenue & Customs (‘HMRC’) to raise awareness of the scam. The Institute is delighted to be working with HMRC to help protect its members from unscrupulous schemes.
HMRC has posted a new warning on its ‘Spotlights’ page that highlights the potentially hazardous scheme. The Institute recommends that charities are aware of this page and check it regularly.
The scheme in question is one that would enable charities to receive both Gift Aid and gifts of shares tax reliefs from an unnamed UK philanthropist. There are a number of potential consequences of these scams, and charities should avoid them.
Lindsay Boswell, Chief Executive of the Institute of Fundraising, comments:
'We approached HMRC about this scheme after being alerted by a concerned member. As a result, we’ve helped members avoid getting involved in schemes that might have created reputational risk issues for them.
'If any members have any concerns about schemes they are involved in, or have been approached about, they ought not to hesitate in coming forward to us.'
