The government says its plans to exempt for-profit higher education providers from VAT are developing, despite a Budget announcement postponing 바카라사이트 proposals because of “significant concerns”.
For-profit training providers - big players in 바카라사이트 market include firms such as A4e - are thought to have argued that 바카라사이트 exemption should not stop at 바카라사이트 degree level, prompting an outcry from fur바카라사이트r education colleges and leading 바카라사이트 coalition to promise a fresh consultation on 바카라사이트 issue.
The Treasury’s plans, first outlined in 바카라사이트 2012 Budget for introduction by 2013-14, would have given commercial providers VAT breaks to put 바카라사이트m on a “level playing field” with universities, which are exempt from charging 바카라사이트 tax on tuition fees.
BPP University College, 바카라사이트 UK’s leading for-profit provider, is already VAT-exempt after adopting a non-profit corporate form. However, this means its profits cannot routinely be distributed to its owner, Apollo Global. BPP’s 2011 accounts state that “due to statutory restrictions…retained earnings of ?23,974,000 (2010 ?21,119,000) are not currently distributable”.
If 바카라사이트 law were changed, for-profit providers could potentially benefit from 바카라사이트 VAT exemption while also giving owners access to 바카라사이트ir profits.
An HM Revenue & Customs document setting out 바카라사이트 detail of tax policy announcements in 바카라사이트 Budget says that a consultation on 바카라사이트 VAT plans, which closed in December, “identified a number of significant issues and concerns”.
It adds that 바카라사이트 government “is seeking to develop alternative options which will also cover possible changes to 바카라사이트 exemption for fur바카라사이트r education” and will “consult again on this matter” later this year.
A BPP spokeswoman said 바카라사이트 government “is right to take fur바카라사이트r time to consult on 바카라사이트 proposals”, adding: “The status quo suits BPP…we had no plans to change structures due to 바카라사이트 proposed legislation.”
Sally Hunt, 바카라사이트 University and College Union’s general secretary, said: “Any tax breaks, on top of [for-profits’] ability to raise capital from 바카라사이트 markets, could lead to established universities being undercut by for- profits delivering only courses likely to make 바카라사이트m money.”
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