The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
As Legal Charity Commissioner from 1989 to 1997, I read the article in The Lawyer (14 June) "Charities require masters of all trades", with interest. However, there is one passage (highlighted in the middle of the text) which is not completely accurate and is therefore misleading. It is not true to say that "If more than 10 per cent of a charity's revenue is raised through trade, the Inland Revenue can tax all of its revenue."
There is a very important exception to this proposition: where the trading activity represents the means by which the charity achieves its purpose rather than merely raising funds for use in achieving its purpose. This is known in the "trade" as "primary purpose trading", and is exempt from income tax.
As there are a good number of charities which do this, it is important that the matter be corrected.