Róisín Shortall
Question:51. Deputy Róisín Shortall asked the Minister for Finance if he will outline the tax reliefs currently available to support the funding of sports clubs. [6391/13]
View answerThursday, 7 February 2013
Questions (51)
Written answers
The tax and duty reliefs currently available to support the funding of sports clubs may be summarised as follows:
Exemption from Income Tax and Corporation Tax
Section 235 of the Taxes Consolidation Act 1997 (TCA) provides an Income Tax exemption to sporting bodies which have been approved by Revenue Commissioners on the basis that the body has been established and exists for the sole purpose of promoting athletic or amateur games or sports. The exemption extends to the amount of income applied to the sole purpose of promoting athletic or amateur games or sports.
Donations to certain sports bodies
Section 847A of the TCA provides tax relief for donations to certain sports bodies for funding of capital projects. The scheme is aimed at providing support to sports bodies located throughout the country engaged in projects of a capital nature such as the construction or refurbishment of sports facilities. In order for a capital project to qualify, it must be approved by the Minister for Transport, Tourism and Sport.
Stamp Duty
Section 82B of the Stamp Duties Consolidation Act 1999 provides for an exemption from stamp duty in respect of a conveyance, transfer or lease of land to certain sports bodies.
Capital Acquisitions Tax
A gift or inheritance which is taken for public or charitable purposes is exempt from Capital Acquisitions Tax. Any gift or inheritance left to a sports club for the provision of recreational facilities for the benefit of the community would normally qualify for this exemption.
Capital Gains Tax
Section 610 and Part 1 of Schedule 15 of the TCA provide an exemption from Capital Gains Tax (CGT) for capital gains accruing to any body established by statute for the principal purpose of promoting games or sports and any company wholly owned by such a body, to the extent that the sale proceeds giving rise to the gain have been, or will be, applied for that purpose.
Separately, section 610A of the TCA provides an exemption from CGT for capital gains accruing to certain sporting bodies where the sale proceeds giving rise to the gain are used for the sole purpose of promoting athletic or amateur games or sports.