Build a financial environment that supports charities
Charities invest their money to bring maximum patient benefit. This often involves collaborating with universities, research institutions and industry.
MRC, Cancer Research UK, the Wellcome Trust and UCL are jointly funding the UK Centre for Medical Research and Innovation (UKCMRI), a new world-class research centre in central London.
The partners will aim to support collaborations and technology transfer initiatives with industry, but it will be crucial to ensure that VAT regulations do not restrict technology transfer activities, external collaborations and industry funding for innovation.
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But working together can inadvertently render charity investment subject to taxation thereby disincentivising collaborations that could lead to greater patient benefit.
VAT regulations which classify teaching in new buildings as a business activity are a disincentive for teaching to take place alongside research in high quality facilities – this will reduce research-led teaching which is currently an asset to UK skills development.
Redressing the balance: the status and valuation of teaching in academic careers, The Academy Of Medical Sciences; 2010
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Gift aid is a vital source of income for medical research charities. But it is complex and difficult to understand and as a result charities are losing out.
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The Charity Tax Group campaigns on behalf of charities to seek changes in tax legislation and administration.
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