Link: VAT bill harms charities
Charities traditionally buy 15,000 ‘golden bond’ places in the race for around £300 each and set sponsorship targets for runner with these bonds of between £1,500 and £2,000.
In previous years charities have been exempt from paying VAT only up to the target amount, but from this year whatever is raised will be free of VAT.
£36m is expected to be raised during this year’s run around the capital, The Daily Telegraph reported.
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An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans