CTG Newsletter – 14 October 2016
Letter from the Minister responsible for the Apprenticeship Levy
CTG has received a disappointing response from the Minister for Skills and Apprenticeships, Robert Halfon MP, to a letter expressing concern about the impracticality of the Apprenticeship Levy for charities. The response failed to address the specific concerns that were raised, including calls for greater flexibility for charities in spending their Levy contributions, both in terms of extending payments to volunteer training and allocating a greater proportion of unused Levy credits to other charities (currently 10% is permitted). CTG has written officials expressing frustration at this response and calling for a direct response to these proposals. The full correspondence with the Minister can be read here.
It seems very unlikely that the Government will consider a delay in the implementation of the Apprenticeship Levy for charities, so our priority now is to ensure that charities are as prepared as they can be. To this end, we are planning to run a series of practical workshops for members to ensure they understand the new rules and can maximise the benefit of the Levy to their charity. The next round of guidance is expected “in October” and we will circulate a link to it as soon as it is published.
Common Reporting Standard – Top 10 tips for charities
Read a comment piece by Alana Petraske, outlining ten top tips for charities in respect of the Common Reporting Standard. Alana is Special Counsel at Withers LLP and a member of the HMRC working group on CRS for charities.
Charity Authorised Investment Fund (CAIF) launched
Read a comment piece by Grania Bird on the launch of the new Charity Authorised Investment Fund (CAIF). A CAIF is both an FCA authorised investment fund and a registered charity. As such the CAIF must comply with the requirements applicable to FCA authorised funds, as well as those applicable to a charity. As the CAIF is a charity it will be treated as such by HMRC and benefit from the direct tax exemptions available to charities. As the CAIF is an FCA authorised fund, it is considered a special investment fund and management fees will be exempt from VAT. Grania is a Partner at Farrer & Co and was a member of the working group that developed the CAIF.
Small Charitable Donations Bill 2016 – Committee Stage
The Public Bill Committee is scheduled to meet to scrutinise the Small Charitable Donations and Childcare Payment Bill 2016 on Tuesday 18 October 2016. This follows the Second Reading on 11 October 2016 – you can read CTG’s summary here. The membership of the Committee has been announced and four amendments have already been tabled. The deadline for submissions to the Committee is Monday 17 October 2016 so please contact us ASAP at info@charitytaxgroup.org.uk if you would like to make any suggestions. Further information is available here.
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Open consultations
CTG will be considering responding to a number of important consultations over the next few months. Our consultation responses rely on input from members and we would encourage you to send us your thoughts, and where relevant submit your own consultation response. The deadlines for forthcoming consultations are outlined below. Please send your feedback via the relevant consultation page on the CTG website or to info@charitytaxgroup.org.uk.
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