Sir Les Hits Out At Charity Tax
Cambridge’s vice-chancellor has hit back against Tory tax plans.
Vice-Chancellor Sir Leszek Borysiewicz has complained to George Osborne about the government’s proposed tax changes.
In a private letter to the Chancellor, Sir Les expressed concern that the alterations would undermine the success of Cambridge, as well as other top universities.
He has since been joined by the top-brass at The Other Place, who have claimed the move would be against the ‘public benefit’.
Under Osborne’s new system donors would be taxed on the money they gave above £50,000. Universities often receive one off donations of over £1 million.
While the government hopes the move will cut tax evasion, universities feel threatened by the new regulations which they say will cut off a huge part of their income.
Much of the £4bn that the university is said to be worth comes from the charitable donations that make Cambridge the richest university in the country. Oxbridge received a whopping 44.2% of philanthropic funds secured by British universities last year.
Since the announcement there have been fears expressed by many charities that philanthropists will be put-off from making large donations, thus hindering their capacity to continue functioning at current levels.
Despite sympathy from Vince Cable however, the government seems certain to continue to push through the measures.