§ Mr. Madden
To ask the Chancellor of the Exchequer what tax relief or other relief is available to companies wishing to sponsor city technology colleges.
§ Mr. Norman Lamont
City technology colleges have charitable status, so business donations to them may qualify for the tax reliefs which are available for charitable giving generally. Companies may claim tax relief for payments made under deed of covenant: if they are not close companies, relief is also available for single donations up to a yearly maximum of 3 per cent. of their dividend payments for that year.