Tuesday,
30 July 2002
An
update to this item can be viewed
here.
Sports
Clubs may be Eligible for Tax Relief
Local
Sports clubs are being urged to contact the Inland Revenue to see if
they may be eligible for
tax relief.
Measures
proposed in the Budget have now come into force, meaning that
registered community amateur sports clubs (CASCs) can apply for tax
exemption on investment, fund raising and rental income.
To
be eligible, clubs must be open to the whole community without
discrimination, organised on an amateur basis and provide facilities
for and promote participation in an activity recognised by the
sports councils.
Kincardinshire
MP Sir Robert Smith backed a House of Commons motion earlier this
year calling on the Government to recognise the important role of
community amateur sports clubs.
“Given
the importance of sport to both young people’s development and in
the wider community, there was a strong argument for giving a more
favourable tax treatment to some sports clubs,” Sir Robert said.
“Any
club that qualifies will be exempt from certain categories of
corporation tax, while donations to clubs from individuals and
businesses will benefit through Gift Aid.
“Bequests
will be exempt from inheritance tax”.
Alternatively,
clubs may be able to gain charitable status, which can bring a wider
range of tax benefits.
“I
would urge any local club which thinks it may qualify as a community
amateur sports club or be eligible for charitable status, to contact
the Inland Revenue in Edinburgh for more details about
registration,” said Sir Robert.
Any
member that thinks their local club may qualify as a CASC or for
charitable status should contact:
Sports
Club Unit
Inland
Revenue
Meldrum
House
15
Drumsheugh Gardens
Edinburgh
EH3 7UN
(tel
0131 777 4147).
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