§ Mr. GorrieTo ask the Chancellor of the Exchequer what tax reliefs are currently available for companies giving money to universities and colleges. [63858]
§ Dawn PrimaroloMost universities and colleges are charities and companies can use tax-effective charitable giving for donations to them.
Companies can also claim tax relief when calculating the business's trading profits for tax purposes for payments made to an approved university, college research institute or similar institution which are to used for scientific research related to the company's trade.
572WAny payments which a company makes to sponsor a university or college will qualify for a deduction when calculating the business's trading profits for tax purposes if the payment is a revenue payment made wholly and exclusively for trading purposes.