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There are changes aplenty in the charity tax world. SETU KAMAL casts an eye over some of them
KEY POINTS
- ITA 2007 does not simply re-word charitable provisions.
- The difference between 'turnover' and 'incoming resources'.
- Changes to the substantial donor rules.
- Gift aid requirements are tightened up.
- Will the 'charitable purposes' requirement lead to a European challenge?
The income taxation of all charities was until recently uniformly governed by the same provisions in TA 1988; the gift aid treatment of donors to charities being dictated by provisions found in FA 1990.
However the Tax Law Rewrite programme and the consequent introduction of ITA 2007 have resulted in a fundamental reorganisation of the charity tax world. 'Charitable trusts' have been brought within a separate regime under ITA 2007.
'Charitable companies' remain within the ambit of TA 1988 — at least until the heralded Corporation Tax Act comes into force. In the...
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