- Social Enterprise and Social Finance
Social Investment Tax Relief: call for evidence
The Treasury launched its new consultation on Social Investment Tax Relief (SITR) on 24 April. It is calling for a wide range of responses from organisations which have used SITR and those who have not, either because they were unaware of it or because they were not eligible. The tax relief and subsequent investment has generated significant social impact, but has also been underused, due to a number of barriers which the consultation is looking to understand.
Stone King will be feeding into the response prepared by Big Society Capital as well as submitting our own response.
Report on social value published by Social Enterprise UK
Social Enterprise UK has published a report ‘Front and Centre: Putting Social Value at the Heart of Inclusive Growth’. The report says that councils increasingly see social value as an important way to drive economic growth in their local areas. Central government has recently increased its focus on social value in public sector contracts and is evaluating social value across more than £100bn worth of public sector contracts. Social Enterprise UK says that the findings show that the Social Value Act should be extended to cover other parts of public sector procurement apart from services.
Nicole Reed, an Associate Solicitor in our Social Finance team comments “Increased focus on the Social Value Act has already resulted in a number of examples of innovative thinking from Local Authorities, where it is realised that procuring on a wider basis than cost in one area can support and potentially lead to savings in others."..
Updated guidance on VAT treatment of mixed charity sponsorship and donations
HMRC updated its guidance on how VAT affects charities (VAT Notice 701/1) at the beginning of May. A new section (5.9.6) has been added on the VAT treatment where a charity receives sponsorship and donations at the same time.
Charity Essentials Brief Alerts - May 2019
The law and practice referred to in this article has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.