Money Matters: the 'Lennartz rule, the Apax Foundation and free legal seminars

David Ainsworth's round-up of what's happening in the finance world.

TPP Law is running two free seminars on the legal issues involved in setting up a social enterprise for public service delivery. They are in the firm's London office on 22 April and Manchester on 29 April.

The Apax Foundation, set up partly to carry out social investment, has made its first venture, buying a 20 per cent stake in development finance company Finance in Motion. Set up with donations from private equity firm Apax Partners, the foundation aims to give away £1m a year. The remainder goes into an endowment that invests at least 20 per cent of its money in businesses with a positive social impact.

An accounting rule that allows a company to reclaim all the VAT paid on a new capital asset that has only a partial business use and then repay it later will not be available to most charities in future. The Budget confirmed HM Revenue & Customs guidance that 'Lennartz' accounting will no longer apply to organisations that use a particular building mainly for their primary purpose, even if that is not a business one.

- Send your finance news to David. Ainsworth@haymarket.com

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