There was some good news for the Not for Profit sector with new grants for air ambulance charities to offset VAT on fuel and an extension to the range of charities that will be allocated funds raised from LIBOR fines, The rate of the new Social Investment Tax Relief has also been confirmed at 30%; this is designed to encourage the making of unsecured investments in charities, community interest companies & community benefit societies.
2015 will see the introduction of a framework to allow non-charitable intermediaries a greater role in operating gift aid as part of moves to encourage gift aid on digital giving. Gift aid take up on text and other social media donations has historically been very low so this is another positive move from a government that is clearly listening to the Not for Profit sector.
Please contact Lesley Malkin for more information regarding charity accounting.
For the full 2014 Budget Summary please click this link BWM 2014 Budget Report