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Parent companies that is. The Chancellor is planning to introduce new Gift Aid benefits for companies owned by more than one charity to donate profits to parent charities.
Legislation will be introduced in 2006 to enable companies owned by more than one charity to donate their profits to parent charities using Gift Aid it was announced in the pre-budget statement by Chancellor Gordon Brown on 5 December 2005.
This is seen by the Chancellor as part of the Government's is committment to creating a generous society through support for charitable giving.
He said:
"As part of continuing efforts to simplify Gift Aid, the Government recently announced changes to the requirements for Gift Aid declarations. Since 1 November, charities keeping auditable records of oral Gift Aid declarations have no longer needed to send written confirmation to donors. This change will save charities around £1 million a year in administration costs, and make Gift Aid easier to claim."
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Northern Ireland Council for Voluntary Action is registered as a company limited by guarantee in Northern Ireland (No 1792) and is registered as a charity for tax purposes with the Inland Revenue