24/03/2010 – The third sector and Budget 2010
The topliners for the third sector from the Chancellor of the Exchequer, Alastair Darling’s budget of 24 March 2010 include:
• VAT cost-sharing exemption: the government will work with charities to consider options for implementing the EU cost sharing exemption.
• HMRC will shortly be discussing with charities and representative bodies changes to the in-year Gift Aid repayment claim process.
• The Government will continue to consider stakeholder views and responses to last year’s consultation on charity pooled funds, along with the proposed EU directive on alternative investment fund managers before responding in the autumn.
• Budget 2010 announces that the guarantee of a job, work placement or training for young people out of work for six months or more will be extended until March 2012, funded through underspends in the money already set aside for the Department for Work and Pensions (DWP)
• Support for Social Impact Bond Pilots to help investment in long-term initiatives and support preventative action.
• The level of small business rate relief in England will be temporarily increased for one year, from 1 October 2010, to give full relief for eligible businesses occupying premises with a rateable value of up to £6,000 and tapering relief to £12,000.
• Up to £75m of Dormant Accounts in a Social Investment Wholesale Bank
• A number of other business support schemes to SMEs including social enterprises including the Time to Pay arrangements and the creation of a new statutory Small Business Credit Adjudicator, amongst other measures.
• Consultation on options to make sure banks make an appropriate contribution to community lenders and exploring potential for greater transparency in the coverage of retail banking services.
• A report on the nation’s civic health will be published at the end of March 2010, bringing together information at national and local levels to help citizens understand the strengths and weaknesses of civic life in their area and hold public services to account.
• Introduction of a new ‘universal service obligation’, giving people the right to a basic bank account.
For more information, please visit the HM Treasury website at www.hm-treasury.gov.uk.