The Charities (Protection and Social Investment) Act 2016 conferred new powers on the Charity Commission.
In the second of our articles on tax, we look at new Financial Reporting Council guidelines that have changed the accouting treatment of gifts of profit from wholly-owned trading subsidiaries to their parent charities.
In this week's Briefing: The Charity Commission has published its next steps in relation to guidance for charities “connected with” non-charities. The Investment Association has published an updated guide to charity authorised investment funds (CAIFs). The House of Commons International Development Committee has published its “Report into Sexual Exploitation and Abuse in the Aid Sector.
In this focus on tax issues relating to charities we look at new guidance from HMRC on the VAT implications of payments to charities - are they grants, which are outside the scope of VAT - or fees, which are potentially subject to VAT?
Charities may not have been among the sectors consulted on Brexit but the changes will hit them all the same.