“A Court of Appeal ruling that the Bournemouth Symphony Orchestra (BSO), a registered charity, does not qualify to treat admission income as VAT exempt will hit museums, theatres, orchestras and zoos across the UK” stated Deloitte, a leading professional services firm, which advised the BSO in this case. The orchestra’s appeal was overturned because Michael Henson, Managing Director at the BSO also sat on the Board of Trustees making it not “essentially voluntary” and breaching one of the conditions for exemption. It is reported that the BSO will lose around £50,000 a year and will not be able to reclaim over £150,000 in tax it had previously paid.
Taxing Times
“A Court of Appeal ruling that the Bournemouth Symphony Orchestra (BSO), a registered charity, does not qualify to treat admission income as VAT exempt will hit museums, theatres, orchestras and zoos across the UK” stated professional services firm Deloitte, who advised the BSO in this case. Many share that concern.
3 Nov 2006 12:00
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