Checklist – Raising funds for charity.

Highlights of the latest technical information available for the tax practitioner. Inland Revenue ESC C4 has been revised to exempt the profits of events run by a charity or voluntary organisation to raise funds for charity which fall within the VAT exemption for fund-raising events which has itself been extended. (Press release 31 March.) Regulations to support the first internet-based service provided by the Revenue, for the filing of Income Tax Self Assessment returns, have been laid. (Press release 3 April.) The ‘excepted estates’ threshold under which probate can be obtained without completing a full IHT return has been an increased from #200,000 to #210,000. (Press release 4 April.) The Revenue’s home page is English ICA Tax Faculty The Faculty has warned the chancellor that the proposed restriction of overseas tax credits and tightening of the rules on controlled foreign companies might damage UK business and requested that these measures be removed from the Finance Bill pending consultation. The Finance Bill The government has now published the Finance Bill itself. The Bill and its accompanying notes run to more than 800 pages with 152 clauses dealing with issues such as Capital Gains Tax, donations to charities and international exchange of information. Copies are available from all Stationary Office bookshops.

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