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Joint guidance on affordable home ownership and issues relating to charitable status and tax has been published by the Charity Commission, HM Revenue & Customs and the Homes and Communities Agency, see Affordable Home Ownership, Charitable Status and Tax (Guidance).
The Guidance:
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Is aimed at registered social landlords (RSLs) that are registered as charities.
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Details how such RSLs can ensure that the access to low cost home ownership (LCHO) they provide complies with charity law by furthering a charitable purpose.
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Provides examples of when LCHO schemes might be considered a charitable activity.
The Guidance is based on existing information, but has been updated to take account of the impact of the recession on LCHO schemes. In particular, the Guidance includes a new section on the action RSLs can take if they are unable to find purchasers for properties in an LCHO scheme (section C10, Guidance).
Source: Affordable Home Ownership, Charitable Status and Tax.
