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Budget 2007 — Charities

Alan Thomson Senior Charities Tax Consultant at Chantrey Vellacott DFK looks at the impact of the recent Budget on charities
In what was expected to be Gordon Brown's last Budget it was disappointing that so little reference was made to the charity sector of the economy. It had been hoped that he would use his last Budget as an opportunity to leave a lasting legacy to the voluntary sector.
Direct tax
Unfortunately this was not the case and in the clamour to obtain a 'tax-cutting' sound bite he took what may prove to be £100 million per annum from the sector. This is the likely effect of reducing the basic rate tax band from 22% to 20%...

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