Leading charity bosses have written to chancellor George Osborne, seeking urgent talks on Budget proposals to cap tax reliefs in excess of £200,000 a year – claiming the measure sends ‘the wrong signal to major donors'.

Penned by six leading third sector figures – including Sir Stuart Etherington, chief executive of the National Council for Voluntary Organisations; Sir Stephen Bubb, chief executive of the Association of Chief Executives of Voluntary Organisations; and Peter Lewis, chief executive of the Institute for Fundraising – the letter warns of ‘the unintended consequence of disincentivising the donation of large gifts to charity'.