Link: Budget special report
FDs said they were disappointed Brown did not extend the compensation charities receive due the loss of Advanced Corporation Tax Credit, which was abolished in 1997.
According to research quoted by the CFDG, charities will have lost out on more than £300m in revenues as a result of this tax credit disappearing.
They were also disappointed that charities were not granted concessions for the 1% increase in national insurance contributions or the ‘continued issue of irrecoverable VAT’. The CFDG said 125 MPs from all parties had signed a petition calling for an exemption to counter these burdens.
‘We live in hope that the chancellor will eventually see the merit in action on irrecoverable VAT,’ the CFDG said in a statement.
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