Sector take on Chancellor’s autumn statement

The Chancellor of the Exchequer made his Autumn Statement last Thursday (5th December). The official news item is at https://www.gov.uk/government/news/autumn-statement-5-december-2013, with links through to full details.

Tax and tax credit rates and thresholds can be found at this gov.uk page.

Brief extracts from the above:

  •   Social Investment Tax Relief. A new tax relief for investment in social enterprise will commence in April 2014. Following consultation, investment in Social Impact Bonds will also be eligible.
  •   Charities established for tax avoidance purposes. Legislation will be introduced in Finance Bill 2014 to prevent a charity from being entitled to claim charity tax reliefs if one of the main purposes of establishing the charity is tax avoidance. The definition of a charity for tax purposes will be amended to exclude such charities.
  •   Corporate gift aid for Community Amateur Sports Clubs. Legislation in Finance Bill 2014 will extend corporate Gift Aid on gifts of money to include qualifying donations of gifts by companies to Community Amateur Sports Clubs.

Civil Society Media has a number of news items – on a new working group to revise the model gift aid declaration and efforts to increase take-up of the tax relief, plus various other measures http://www.civilsociety.co.uk/finance/news/content/16556/, on social investment tax reliefs and connected measures http://www.civilsociety.co.uk/finance/news/content/16554/ and sector reaction to the latter at http://www.civilsociety.co.uk/finance/news/content/16573/.

NCVO has a ‘Quick roundup of the Autumn Statement‘ at http://blogs.ncvo.org.uk/2013/12/05/quick-roundup-of-the-autumn-statement/, Charity Finance Group has its own briefing for charities and press release at http://cfg.org.uk/Policy/coalition-watch/budget-briefings.aspx. We rounded up ‘essential tweets’ on the day.

The government has also published ‘Social investment: brief background note on UK government’s approach’.

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