Impact of U.S. Tax Reform Related to Charitable Giving
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The recent changes in the US tax code have made it more important than ever for tax advisors and their clients to discuss and plan charitable giving.
Planning a client’s giving over several years can allow them to make the most of the tax deductions and achieve their philanthropic goals at the same time. Using a donor-advised fund (DAF), donors can set aside a large sum for charity and receive the deduction in the year when it makes the most sense from a tax perspective. The client can then make grants from the DAF to charities in future years. And for dual US and UK taxpayers, using a dual qualifying donor-advised fund, like NPT-UK, enables the client to receive a simultaneous US and UK tax deduction.
Summary of tax changes related to charitable giving: