Sheila Nordon Irish Charities Tax Research Ltd 6 th April 2009.

Slides:



Advertisements
Similar presentations
Legal structures: which one? Erica Crump Joanna Stokes.
Advertisements

Presentation give an overview of the Foundation and the benefits to Kiwanis clubs and members seek views on a Foundation fund raising initiative.
Leicester Sports Partnership Trust - One Year On Tax relief for community amateur sports clubs Ian M Harris, BA(Hons), FIIT, MAAT Leicester City Council.
Tax, VAT & Working With Corporates Bill Lewis 6 December 2011.
TAXATION TAXATION OF INDIVIDUALS IN THE CZECH REPUBLIC.
Financial Services TAX Shari’a compliant funds and Islamic Finance An Irish perspective October 2009.
GIBRALTAR PHILANTHROPY FORUM TAX AND LEGAL ISSUES RELATING TO INTERNATIONAL GIVING OWEN CLUTTON 19 NOVEMBER 2013.
Ch 7: Type of Business Ownership
David Alcock Wednesday 12 th February 2014 Somerleyton Road project Stewardship options.
Non for Profit Entities
Your Single Professional Contact in South East Europe CYPRUS COMPANIES LEGAL FRAMEWORK 17 th June, 2010 Prague.
 Special Elections And Post Mortem Planning.  Estate Planning after Death o Decisions made on the estate that Impact heirs Impact taxes Impact executor.
Maximising tax efficiency 22 November 2006 Eleanor Watts.
FUN WITH TAXES & TAX EXEMPT STATUS FOR YOUR CLUB GFWC Ohio Federation of Women’s Clubs Annual State Convention April 25, 2015.
Planned Giving. AFSP’s Lifesaver’s Society Our Lifesavers Society allows you to leave AFSP a planned gift. Planned giving ensures that your donation goes.
INCORPORATING AND REGISTERING A CHARITY MAY 2014 PART 1: THE DIFFERENCE BETWEEN A REGISTERED CHARITY AND NON-PROFIT ORGANIZATION CA COMMUNITY AMBASSADORS.
Charitable Giving Maximizing the impact of your contributions Insurance products are issued by Minnesota Life Insurance Company in all states except New.
Nonprofit Organizations Private Foundations Michael V. Bourland Michelle Coleman-Johnson Bourland, Wall & Wenzel, P.C.
Starting A Foundation: Guidance for Advisors Hilary Pearson President & CEO Philanthropic Foundations Canada October 2008.
Types of Business Ownership
VAT – A Charity Viewpoint CFE Conference Brussels – April 2006 Sheila Nordon Executive Director Irish Charities Tax Research Ltd.
Chapter 3 (Lecture 3). Personal taxation Company taxation Capital gains tax Other taxes Double taxation South African taxation.
The relevance of the revised Charity SORP in Ireland Sheila Nordon 4 th October 2013.
Charities and trading Jane Lee, Partner Pannone LLP 18 th April 2012.
 Business is owned and run by one individual  Nearly 76% of all businesses  Owner receives all of its profits and bear all of its losses.
FINANCIAL SERVICES… Presented by: Ruchika Sharma.
Accounting and Tax for the Small Business NOVEMBER 8, 2012.
Nonprofit Organizations Spring 2004 Class Six: Overview of Federal Tax Considerations/Income Tax Rules Relating to Tax-Exempt Organizations Michelle Coleman-Johnson.
SORP 2005 Statement of recommended practice. Contents What is changing What is changing SORP 2005 SORP 2005 Charities Act Charities Act Trustee responsibilities.
We Never Stop Working for You. APOLLO Offices : Seychelles Hong Kong London Cyprus Russia Ukraine.
Johan Boersma TAXATION OF INDIVIDUALS IN THE CZECH REPUBLIC.
Fundraising Worldwide Building Relationships for Your Programs "We make a living by what we get. We make a life by what we give." – Winston Churchill.
TAXATION TAXATION OF INDIVIDUALS IN THE CZECH REPUBLIC.
1 UPMIFA AFP Presentation MariBen Ramsey Vice President and General Counsel Austin Community Foundation April 8, 2010.
Understanding For-Profit and Non-Profit Organizations Marketing 1
Legal and fiscal conditions for foundations in the Czech Republic.
Foundations and their financing in Germany Dr. Stefan Stolte Stifterverband für die Deutsche Wissenschaft April 6th 2009, Warsaw.
Legal Structures for Social Enterprise Nicola Dickins Make it Happen Consultancy.
Pros and cons of incorporation UnincorporatedIncorporated Limitation of liabilityNo: individuals may have to meet outstanding liabilities personally Yes:
Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1 Lesson 41:  Direct and indirect taxes as they apply to individuals:  Income.
Split Interest Charitable Trusts, Private Foundations and Donor Advised Funds Fran M. DeMaris Executive Vice President Cannon Financial Institute, Inc.
Nursery Management Understanding and Managing Finance
TAXABILITY OF COOP MEMBERS 1. Patronage Refund – NON-taxable 2. Dividends/Interest on share capital – subject to 10% final tax, only if the coop is tax-exempt.
Types of Organizations Marketing 1 Competency #34.
Capital Gains and Losses Cassie Warren. Does capital gain count as income for that year on your taxes If your capital losses exceed your capital gains,
Module 1 Accountability in the Nonprofit Sector Convery
Private & Confidential. Not for distribution. ©DWF LLP Go further Title needs degree sign (°) added from the “Insert/Symbol” menu. This.
For more information visit us at Funding Advice Workers Network Charity Trading 23 November 2010 Catherine Rustomji Head of Third Sector.
Charitable Contributions Chapter 32 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 Gratuitous transfers of property.
Types of Business Ownership Glencoe Entrepreneurship: Building a Business Sole Proprietorships and Partnerships Corporations 7.1 Section 7.2 Section 7.
Forms of Business Ownership GOALS UNDERSTAND THE THREE MAJOR FORMS OF BUSINESS OWNERSHIP. DETERMINE WHEN EACH FORM OF BUSINESS OWNERSHIP IS MOST APPROPRIATE.
11-1 Chapter Eleven Accounting for State and Local Governments, Part I McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights.
Presented By: Andrea Lewis- Jones. OUTLINE Background Key Aspects of the CIS Regulatory Framework Filing Requirements Publication Requirements New Publication.
Legal Structures for Social Enterprise Nicola Dickins Make it Happen Consultancy.
Lecture 12 Exemptions & Tax Concessions on Agricultural Income.
Pbwt.com Overview of Tax-Exempt Organizations and Charitable Giving in the U.S. Robin Krause Patterson Belknap Webb & Tyler LLP May 11, v1.
Social enterprises: legal and governance issues Are we ready? Samantha Pritchard Tuesday 21 st June 2016.
Types of Business Ownership Back to Table of Contents.
CHARITABLE STATUS - TAX Shauna Blanchfield Dublin Biennial 2014.
Helen Elliott September 2016
International Bureau of Fiscal Documentation (IBFD)
Draft Revenue Laws Amendment Bill, 2008 and
Presented by: Xtrategy Ltd
DTAS Annual Conference 2013 TRADING AND CHARITABLE STATUS
Charitable Giving and the Nonprofit Sector: What Tax Data Can Tell Us
Tax law Updates Every Nonprofit Needs to Know June 22, 2018
Charitable Contributions
Fundraising with commercial partners
Setting up a Charitable Company
Types of Organizations
Presentation transcript:

Sheila Nordon Irish Charities Tax Research Ltd 6 th April 2009

 In Ireland there is no specific legal form for a Foundation  Public benefit or Philanthropic Foundations generally set up as Charities  The legal form that a charity can take is not prescribed in law – can be incorporated (company limited by guarantee), a trust, unincorporated association, co-operative etc.  Charitable status depends on having charitable purposes and being for public benefit – all purposes must be charitable and all resources applied solely for charitable purposes

Source of FundingAll NPOsFundraising Charities State59.8%62.2% Private Donations10.5%20.3% Fees14.6%9.5% Deposit Income8.1%3.2% Corporate Donations1.4%2.8% Membership3.2%1.1% Other2.4%0.9%

Deciles (tenths ) of organisations € First4-802 Second Third2, ,860 Fourth3,861- 7,999 Fifth8, ,999 Sixth13, ,241 Seventh20, ,999 Eight35, ,046 Ninth71, ,273 Tenth201, ,800,000  90% < €200,000 fundraised income  Top 10% includes more Philanthropic Foundations  Mean amounts fundraised by Philanthropic foundations = €4m  Philanthropic Foundations – rely on private donations

 Police Permits for collections from the public in public places  Cash and non-cash (non-cash = pledges of money by direct debit etc.)  Applies to charities and non-charities  Charities Act 2009 specifies conditions for public collections  Sealed boxes, name and number of Charity on the boxes and clothing of collectors

 Allowed if directly in support of charitable purpose (no special legal requirements except for tax exemption)  Trading Tax Exemption more restricted than charitable tax exemption  Trade must be a primary purpose OR ancillary to the primary purpose of the charity  Non primary purpose trading activity if small relative to overall trading may qualify or if only 10% of turnover of the primary trade  Charity Shops – selling donated goods

 Charities can set up endowments if governing instrument allows it – investment powers generally expressed as wide as possible  If powers not set out then general Trust Law applies – Ministerial list of Authorised Investments – quite wide  For charitable trusts, Commissioners of Charitable Donations and Bequests –  advice,  list of approved investments  common investment fund

 No specific requirement under charity law to distribute a specific amount or % of income in a specified time. No specific limit on amount of reserves  Annual Activity Reports and Financial Returns are required and Ch. Regulator can intervene if resources are not being used solely for charitable purposes. Expected to use funds for purpose and reasons required for building up reserves  Revenue authorities apply same principle  Prior Permission required from Revenue to accumulate funds over more than two years – must give adequate reasons why  Need to satisfy Regulator and Revenue that investments or assets held in trust are being applied for charitable purposes either directly or indirectly

 Charitable Tax Exemption for organisations established for charitable purposes only  Income Tax  Corporation Tax  Capital Gains Tax  Deposit Interest Retention Tax  Capital Acquisitions Tax  Stamp Duty  Dividend Withholding Tax  No general VAT exemption – some specific reliefs

 Donations of €250 or more qualify for tax relief – operates differently depending on tax status of donor  PAYE – benefit goes to charity (claim forms)  Self-assessed and Corporate donors get the benefit directly – reduce taxable income  Donation must be at arm’s length and no strings attached – can be no benefit to the donor  Applies to donations of cash and publicly quoted securities only  For donations of shares donor must choose between Income Tax relief OR Capital Gains Tax relief, can’t have both  10% restriction for donors assoc. with charity and  Subject to general higher earner restriction on use of tax relief schemes – unused relief can be rolled over to following years