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IRS revokes US tax-exempt status of prominent UK charities

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The IRS has revoked the US tax exempt status of 195 prominent UK charities by posting their names on a website; some of these charities may not be aware of this. Revocation means that the tax incentives for US citizens (including those living here) and private foundations to make gifts or grants to these UK charities are materially reduced, and the reduction in US withholding tax for dividends and certain capital gains enjoyed by these UK charities on their US investments is immediately withdrawn. UK charities interested in the US should take a moment to check whether they are included on the IRS’s revocation list. If they find that they are so included, they should take prompt action because the longer that their US tax status remains unresolved, the more costly and complicated remedial action will be.

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