Sports Minister underlines 'win-win situation' for amateur clubs
Over two thousand amateur sports clubs across the United Kingdom are now enjoying the tax benefits, reliefs on business rates and gift aid – worth an estimated £5 million - now available to them.
But the Sports Minister Richard Caborn is keen to see the many thousands more eligible clubs join them in registering with the Inland Revenue as a 'CASC' – a Community Amateur Sports Club – and reap the rewards.
He urged the clubs to look at a new leaflet being published today that shows how easy it is for them to claim huge cash savings.
Clubs registering as a CASC can benefit from:
- Rate relief – at 80% on the club's business rates;
- Exemption from corporation tax on trading income doubled to £30,000 and income from property doubled to £20,000;
- Exemption from capital gains tax when they sell off assets.
Caborn said the door was still wide open for other clubs to make the most of the scheme's benefits:
'It is fantastic to see that two thousand clubs are now reaping the rewards of the CASC scheme. This new leaflet we are publishing today just shows how simple it is for a club to register and immediately benefit financially.
'Clubs could guarantee themselves a sustainable saving of thousands of pounds every year – money that could be well spent on new equipment, changing rooms or training facilities.
'Despite this landmark being reached, progress is a bit slow and there are many thousands of clubs that are still missing out. My call to those clubs is a simple one. Get involved now and get saving because being registered as a CASC is a win-win situation for you.'
The CASC scheme also provides a range of benefits to encourage communities to support their local clubs, including Gift Aid on donations by individuals, worth an additional 28 pence for every pound donated.
Gift Aid has already proved hugely successful to charities, giving the voluntary sector £2.3billion in the last year.
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