The following Trusts and Inheritance Tax guidance note by Tolley in association with Speechly Bircham LLP provides comprehensive and up to date tax information covering:
Charities are not exempt from taxation but they do have the benefit of a number of tax exemptions (subject to complex anti-avoidance provisions). Well-run charities usually do not suffer any direct taxation.
A charity must complete and submit Tax Returns in three specific circumstances:
The type of Tax Return required depends on the way the charity is set up.
If a charity does not declare how much tax it owes correctly and on time, HMRC may charge a penalty.
A charitable trust is liable to pay income tax under the Self Assessment regime. If required, a charitable trust must fill in a Trust and Estate Tax Return (form SA900).
Any charity that is not a trust is treated as a company for tax purposes and liable to pay corporation tax. If required, such a charity must complete a Corporation Tax Return (fo
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