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The Substantial Donor Transactions (Variation of Threshold Limits) Regulations 2009

S.I. 2009/1029 · Made 22 April 2009

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Income Tax

Corporation Tax

Made 22nd April 2009

Laid before the House of Commons 22nd April 2009

Coming into force 23rd April 2009

The Treasury make the following Regulations in exercise of the powers conferred by section 506C(9) of the Income and Corporation Taxes Act 1988f1 and section 557(3) of the Income Tax Act 2007:

Annotations to the whole text

Footnotes

f1

1988 c. 1; section 506C was inserted by section 54 of the Finance Act 2006 (c. 25) and amended by paragraph 98 of Schedule 1 to the Income Tax Act 2007 (c. 3).

Contents

  1. 1Citation and commencement
  2. 2Amendments to the Income and Corporation Taxes Act 1988 and the Income Tax Act 2007
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Substantial Donor Transactions (Variation of Threshold Limits) Regulations 2009 and shall come into force on 23rd April 2009.

2Amendments to the Income and Corporation Taxes Act 1988 and the Income Tax Act 2007

In each of—

(a)

section 506A(2)(b) of the Income and Corporation Taxes Act 1988f1, and

(b)

section 549(2)(b) of the Income Tax Act 2007,

for “£100,000” substitute “£150,000”.

Signature

Steve McCabe

Bob Blizzard

Two of the Lords Commissioners of Her Majesty’s Treasury

22nd April 2009

Explanatory note

(This note is not part of the Regulations)

Sections 506A to 506C of the Income and Corporation Taxes Act 1988 (for corporation tax) and sections 549 to 557 of the Income Tax Act 2007 (for income tax) introduced legislation taxing specified transactions between charities and substantial donors to those charities. A “substantial donor” is a person who has made tax-relievable gifts to the charity of at least £25,000 in a period of 12 months or £100,000 in a period of 6 years. These Regulations increase that 6 year threshold to £150,000.

Regulation 1 provides for citation and commencement (and for the increase to take effect from the day after Budget Day 2009) and regulation 2 for the increase in the threshold.

A Regulatory Impact Assessment has not been prepared for this instrument as it is considered to have a negligible impact on business, charities or voluntary bodies.