Tax Benefits Of Supporting The BBIC
The BBIC has been granted Enterprise Agency status. As a result traders can make a donation to the BBIC, and such donations are allowable deductions in calculating the profits of a trade. This rule applies even if the donation would ordinarily be disallowed, for example because it was made for benevolent reasons rather than wholly and exclusively for the purposes of the trade.
The deduction applies to expenditure incurred in making contributions ‘whether in cash or in kind’. The reference to contributions ‘in kind’ is intended to cover the situation where a trader provides services to the agency without charge, for example, by seconding an employee to work for the agency, or providing accommodation rent free. The trader may claim a deduction in computing his profits for the employee’s wages or the expenses incurred on rent, rates etc in connection with the property in so far as they are not otherwise deductible.
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