Asked by: David Mowat (Conservative - Warrington South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment Treasury and Revenue and Customs officials have made of the effect on multi-sports clubs of the changes to Community Amateur Sport Club status to impose a cap on non-member income; and if he will make a statement.
Answered by Damian Hinds - Minister of State (Education)
The £100,000 cap for community amateur sports clubs (CASCs) scheme’s non-member trading and property income was assessed to be as generous as the scheme could allow without incurring State aid issues. CASCs benefit from generous tax and business rate reliefs. They should not be competing unfairly, in commercial terms, with private sports clubs or the hospitality sector who do not receive these reliefs. CASCs with high levels of non-member trading income may wish to consider setting up trading subsidiaries which are owned by the CASC, or reduce their income received from non-members and property to ensure they meet the income condition.
Asked by: David Mowat (Conservative - Warrington South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to increase the number of simple, low risk investment products that are available to charitable organisations; and if he will make a statement.
Answered by Harriett Baldwin
Charities can invest their funds in a wide range of investment products. Charity trustees should refer to the Charity Commission's guidance on investments, and should generally seek professional advice before investing.
There are some specific investment products available only to charities. Common Investment Funds and Common Deposit Funds are collective investment and deposit vehicles open to charities.
In addition, the government announced at Budget 2015 the introduction of a new Charity Authorised Investment Fund structure. This will bring new investment funds established for charitable purposes under FCA regulation, ensuring they receive the same regulatory oversight and protections as funds for retail investors.
The FCA is currently consulting on measures to implement the new fund structure. The proposals being consulted on include the registration of the fund as a charity, the role of advisory committees, and provisions on income distribution and capital allocation. The consultation will close on 7 December 2015.
Asked by: David Mowat (Conservative - Warrington South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has for the future of the Money Advice Service.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The government has commissioned an independent review of the Money Advice Service, led by Christine Farnish, which will report to me by the end of the year.
MAS has an important responsibility to increase financial knowledge and capability in the UK. The review will consider how effectively and efficiently MAS is meeting the consumer need for education and advice; and make recommendations on any changes to MAS's approach that would better enable it to meet this need.
Asked by: David Mowat (Conservative - Warrington South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to reform the Business Premises Renovation Allowance following HM Revenue and Customs' recent consultation.
Answered by David Gauke
The Government has introduced legislation in Finance Bill 2014 to clarify the scope of Business Premises Renovation Allowance. The aim is to address exploitation of the allowance, whilst preserving it as an investment incentive and ensuring continued value for money for tax payers.