Barry Flood wrote:Jonty wrote:Jonty wrote:
I'm confused because I'm receiving contrary opinions on this matter.
Surely whether or not the CTC is restricted to only allocating 25% of members contributions towards member benefits if it were to become a charity, and whether or not it could increase the amount of money spent on member benefits to 125% of total member contributions if it were to become a charity, are matters of FACT not OPINION.
Firstly may I say that all of the information given either here or in the CTC website is based on specialist tax advice taken by Council. That advice indicates that any non qualifying member benefits will fall easily within the 25% allowable, (the magazine for example will not be counted a member benefit), thus leaving the whole of the member subscription qualifying for Gift Aid. But....even if the 25% limit is exceeded we could still qualify for Gift Aid on the vast majority of the membership subscription, which would bring massive extra funding to the club.
This is a complex area, but one where all the professionals involved anticipate a favourable outcome. If you would like to go into further detail here is a link to the matter on our website, http://www.ctc.org.uk/DesktopDefault.aspx?TabID=5364. Alternatively I invite you, or anyone else with specific points to contact me direct at Barry.Flood@CTC.org.ukJonty wrote:Now there's a 'Good Idea' (as long as members get an unedited report from the independant expert)
An answer to this point was posted yesterday by our Financial Advisor;
"The report on the tax position was originally commissioned for the use of Council, and thus contained one section relating to engagement with the Inland Revenue to optimise the outcome for the CTC. As I'm sure you can imagine, publishing that section might be counterproductive in such discussions, so it was redacted from the publicly available copy. No conspiracy theory, no smoking gun, and indeed for that matter nothing to do with the current club / charity vote either.
For the purposes of transparency, I think it was originally me who noted the section had been included in the report circulated to Council and therefore suggested it be removed.
Financial Advisor to Council"
The independent experts Sayers Vincent tax report is available on the CTC website.
Barry Flood CTC Councillor (and ex HM Inspector of Taxes)
Well it is renewal time again for the subscription fees and I cant help but notice the lack of a Gift Aid tick box then remembering how we were sold this whole Charity issue on the strength of Gift Aid revenue.