Tory tax relief plan

Wealthy individuals and companies should be given tax relief on endowments to universities, the Conservatives say. The Tories' economic competitiveness policy group this week announced proposals to allow individuals donating to universities to claim full income tax relief and companies to offset the costs of donations against corporation tax. The group, headed by John Redwood, also called for tax relief to be extended to new classes of assets such as unquoted shares when they are donated to a university.