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Transitional provisions on challenge events
The revised guidance on the VAT Charity Fundraising Exemption in connection with charity challenge events has already been covered here.
This came into effect from 31st July, but HM Revenue and Customs has now said that it accepts that where contracts were signed or negotiated before then, or the event has been publicised prior to the publication of the new guidance, charities can account for VAT using their previous procedures. http://www.hmrc.gov.uk/briefs/vat/brief3608.htm.
