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SBRRS grant and CIC - is it taxable?

Is CIC taxed on Small Business Rate Relief Scheme?

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A local CIC is run for the benefit of the community and never makes a profit, but simply survives on donations. There are no employees.

As they have premises they received the £10k business support grant due to Co-Vid. At this point I am not sure whether it's Scheme 1 or 2.

How would this grant be treated in the annual accounts and will it be taxable?

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By Winnie Wiggleroom
30th Jul 2021 20:52

has the CIC agreed formally with HMRC that it is not for profit and is therefore outside the tax system?

the default position remember is that every company, CIC included is taxable on excess income over expenses

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