CFDG responds to the Budget 2010

25th March 2010

The Charity Finance Directors' Group (CFDG) welcomes the Government’s commitment to taking forward the proposals around the Social Investment Wholesale Bank and Social Impact Bonds. Furthermore, we are pleased at the commitment made by the Government to consider options to remove the VAT burden on charities wishing to share services. “VAT and shared services are a particular concern to the sector, and we have been lobbying for changes for some time”, David Membrey, Acting Chief Executive says. However CFDG is disappointed that no legislation was announced to amend the substantial donor legislation.

Although it was announced that the Gift Aid Forum set up last month, to consider possible reforms and simplifications to Gift Aid, will make recommendations by the Autumn, it is disappointing that there was no extension of the Gift Aid transitional relief that ends shortly. David Membrey says “Given the complexities associated with reforming and simplifying the Gift Aid regime, it is unlikely that we will see any firm proposals in the short term.”


 

- Ends -

Notes to Editors:

For further information please contact Megan McInally, on 020 7785 6426 or megan.mcinally@cfdg.org.uk.

The Charity Finance Directors' Group was set up in 1987 and is an umbrella group that specialises in helping charities to manage their finance-related functions. CFDG’s circa 1700 members are responsible for the finances of charities with a wide variety of income levels. Between them our members manage some £17.4bn in charity income per year.

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