Welcome news for Charities
Two recent announcements will mean that Charities could benefit from VAT savings in the future.
The CFDG (Charities Finance Directors’ Group) recently attended a meeting with HMRC. The purpose of the meeting was to discuss current tax issues affecting the sector. Following the meeting HMRC agreed to consider the direct and indirect tax implications of sponsorship activities and also the VAT issues which affect joint venture and similar arrangements. The meeting is seen to be a very positive move by HMRC.
HMRC have also recently conceded on an issue, following a VAT test case taken by the Nuffield Foundation. The case considered whether VAT paid on investment management charges could be reclaimed by Charities. This move by HMRC means that Charities will now be able to reclaim some of the VAT paid on such charges, with the possibility of retrospective claims.
An HMRC Brief is expected shortly with more details.
Jane Stacey is a VAT adviser and a senior manager at Mercer & Hole. The views given in this blog are personal to the author, if you would like to discuss the contents of this post with Jane you can call her on 01727 869141.
Date: 16th November, 2009
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