§ Mr. DrewTo ask the Chancellor of the Exchequer what tax relief is available for amateur sports clubs; and what plans he has to change these arrangements. [105903]
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§ John HealeyThe Finance Act 2002 introduced a range of tax reliefs for Community Amateur Sports Clubs (CASCs) on their income and on donations made to them, similar to those normally given to charities.
- The measures provide CASCs with exemption from:
- corporation tax on interest;
- corporation tax on any trading income up to £15,000;
- corporation tax on income from property up to £10,000; and
- capital gains tax on disposals of assets.
Donors to CASCs will be able to give using the following reliefs:
- Gift aid for individuals;
- Inheritance tax;
- Gifts of assets to a CASC on a no gain/no loss basis for capital gains purposes for both individuals and companies;
- Gifts of trading stock and plant and machinery by businesses.
Clubs which meet the Charity Commission's criteria for charitable status can apply to the Charity Commission for registration. That gives them access to the more generous tax reliefs available to charities. The Chancellor keeps all elements of the tax system under review, in the context of his annual Budget Statement.