Updates on patron Gift Aid, transparency reporting

A couple of finance/regulatory updates of relevance to particular types of charities only.

Gift Aid – patron and supporter schemes

In auditors Sayer Vincent’s May newsletter, they report on a workshop in January when charitable London theatres and other arts organisations reached agreement with HM Revenue and Customs on guidelines for the design of Gift Aid compliant theatre patron/supporter schemes.The piece links to fuller coverage (pdf, 114KB), and a form.

New international transparency reporting

New reporting requirements under an international transparency regime could have a large impact on grant-giving charities.

Civil Society News reports from Charity Tax Group’s annual conference that the Common Reporting Standard is “probably grant making charities that will most likely to be caught as financial institutions”, with “quite an onerous impact”.

Sayer Vincent’s May newsletter also mentions the Standard:

CRS came into force on 1 January 2016 and the first reporting will be required in 2017. We are awaiting some charity-specific guidance from HMRC and will update you with more information as it becomes available.