This is the long-awaited solution to the decision by the Charities Commission in 2009 ruling that helping people to buy their own home through shared ownership is outside the domain of a charity and subject to tax.
We were quick to welcome the announcement that there have been changes to the Bill that, “resolve this uncertainty that has been hanging over the sector for so long,” said CHA Director, Scott Figenshow, “A community housing organization should not face the loss of its tax exempt status simply because a family improves its situation.”
Regulations still need to be set down to accompany the bill, through the order in council process.
Read the submission CHA made to the Finance and Expenditure Select Committee on 5 February 2014 here.
Read the changes to the Bill as of 29 May 2014 here.
Read the CHA press release of 29 May 2014 welcoming the changes to the Bill here.
