Treasury refunds over £2 million to Band Aid Trust
Howard Lake | 30 May 2005 | News
Over £2 million has been refunded to the Band Aid Trust, equivalent to the VAT paid on more than one million purchases of the Christmas Band Aid 20 record and 300,000 purchases of the DVD of the 1985 Live Aid concert.
Ivan Lewis, Economic Secretary to the Treasury, has announced that the Treasury paid £2,161,504 as a donation equivalent to a VAT refund to the Band Aid Charitable Trust, as the Chancellor of the Exchequer promised in November 2004.
The value of the special donation has been calculated based on sales figures, and paid to the Trust by the Department for International Development. The donation follows the precedent set in 1985 by the government which made a donation to various charities working in Ethiopia and Chad through the Overseas Development Agency of an amount broadly equivalent to the VAT collected on sales of the original ‘Do They Know It’s Christmas?’ single.
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.