My client’s company has a 31 March year end. He has completed a contract that will lead to a very large payout this year and may retire.
He has established a registered charity some years ago and has made substantial gifts in the past that have been used on various projects. He now wants to make a large gift out of the current taxable profit that will fund the charity for several years to come.
My understanding is that the company has to make a payment to the charity before the year end to obtain a deduction (as there may be minimal profits next year) but do readers foresee any challenge or problem with giving so much to the charity that it has more money than it will spend in the immediate future? It is a genuine charity with objects that are wholly unconnected to the client ...
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