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 Many thanks to all the members who have already returned their questionnaires to us. Around 20% have responded within the first fortnight, but with the closing date not until 31st October, you still have plenty of time to get your questionnaires back to us, so that you can have your say in deciding how the money we raise is invested in the future.
Remember that you can return your form to us either by post or by downloading the questionnaire from the "newsletters and docs" section on this website and then emailing it to us at
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. All completed questionnaires received by 31st October will be entered into a draw for a signed A4 colour caricature of John McDermott. We have also been encouraged by the number of renewals we have received since sending out of the latest In Cod We Trust newsletter/questionnaire, so please keep them coming!
Following queries from several of our members, we would like to clarify comments made in the latest newsletter regarding shares purchases and tax liability. The key difference between sponsorship and other non-shares investment is that shares purchases are classed as buying an asset purchase and are funded from profits, whilst sponsorship/non-shares investment etc are classed as expenditure and are deducted from income to arrive at profit. Presently it is not certain but it is possible that the Inland Revenue could class profits over £10K as taxable, which could therefore mean we are liable for the 2004/05 tax year during which we purchased 16,600 shares. Our auditors Sanderson Wilson are currently seeking clarification on this matter and are putting forward the case that we are not a trading operation but a fundraising one. As this is indeed the case, they are reasonably confident that we will not be liable to pay tax. Please accept our apologies if anyone was confused by the comments in the newsletter. |
