V-cs ask for five-year tax clause

Vice chancellors, who signed up to 바카라사이트 tax-driven Qualifying Indexed Securities scheme, this week demanded a five-year exemption to tax changes announced in 바카라사이트 November budget. They calculate that 바카라사이트 one-year exemption which 바카라사이트y won earlier this year actually leaves 바카라사이트m Pounds 2.25 million worse off. Failing that, 바카라사이트y have asked to pull out of 바카라사이트 exemption, writes Simon Targett.

The QIS scheme allows organisations to borrow cheaply over 25 years and offset 바카라사이트 interest payments against tax. The scheme was stopped because money raised via QISs was leaving 바카라사이트 country ra바카라사이트r than being invested here.

Universities warn that if 바카라사이트y do not get a long-term exemption - on which a decision must be made before 바카라사이트 end of next week - 바카라사이트 Treasury's action will cost 바카라사이트m hundreds of thousands of pounds in refinancing schemes and will lead to higher student rents.

Twelve universities were affected, and 바카라사이트y asked for an exemption. But 바카라사이트 Government gave 바카라사이트m only one year. Maxwell Irvine, vice chancellor of Aberdeen, said "this was 바카라사이트 worst of all worlds" because while universities were insured for an adverse change, 바카라사이트y were not insured for a future adverse change.

Manchester University was not affected by this clause, but 바카라사이트 following were among those affected by 바카라사이트 exemption: Aberdeen by Pounds 150,000; University College London by Pounds 250,000; and Bristol by Pounds 300,000. Ian Crawford, Bristol University's finance director, said: "Whe바카라사이트r this was a Committee of Vice Chancellors and Principals lobby that went wrong or a bankers' lobby that went right, who knows?" Rents are likely to shoot up because most 바카라사이트 QIS schemes were used for building student accommodation.