Bideford Sports Clubs Could be Missing Out on Share of Tax Savings

Calling all Bideford Sports Clubs.  Are you missing out on your share of tax savings?

Sports Minister Gerry Sutcliffe said today that thousands of amateur sports clubs across the UK are missing out on a share of tax savings running into millions of pounds.

Sutcliffe wants more clubs to join the Community Amateur Sports Club (CASC) scheme so they will have more money to help drive a sporting legacy from 2012. 

The rallying cry comes as Sutcliffe visited the Stocksbridge Tennis, Rugby and Netball Clubs in Sheffield that are registered with the CASC scheme that has, according to figures produced by Deloitte, resulted in over £60 million worth of tax savings for sports clubs in the last seven years.  There are over 5,500 clubs currently registered with the CASC scheme.

CASC legislation came in via the 2002 Finance Act and enables amateur sports clubs that meet certain criteria to qualify for a number of tax advantages. These include:

Mandatory business rate relief for 80 per cent of the total business rates billThe potential to reclaim Gift Aid on donations from individuals – for every £1 donated clubs can claim an extra 25p tax refund from the government with an additional 3p per £1 available until April 2011.Exemption from Corporation Tax on profits if their annual trading income is under £30,000 per year

Clubs eligible are those that encourage participation in a qualifying sport, are open to the whole community, without discrimination, and ensure profits go back into the club, benefitting sport.    

Minister for Sport Gerry Sutcliffe said:

“It is great that we have signed up more than 5,500 clubs to the Community Amateur Sports Club scheme and that many sports clubs are reaping the benefits it brings. But there are thousands of clubs out there that are missing out.

“Sports clubs will play a crucial role in helping us reach our goal of getting 2 million people more active by 2013. Being part of the scheme means that clubs will have more funds at their disposal to help increase participation.”

 CCPR’s (Central Council of Physical Recreation) Chair Brigid Simmonds said:

“Thanks to the CASC scheme, thousands of sports clubs have received a boost from the taxman; in fact over £60 million has been saved by the 5,500 clubs already registered. Through registering as a CASC, clubs can keep the money they have raised in the community. That means it can be re-invested in kit, in coaching and in facilities - all for the good of local sport.

“In these difficult financial times, CCPR is urging sports clubs to take advantage of this great opportunity to maximise every penny and through the cascinfo website, they can find out how.”

Nick Jacobs, senior manager in Deloitte’s Sports Business Group, said:

“The advantages of the CASC scheme are clear. The tax savings allow clubs to invest in better facilities which in turn should encourage more young people to take up sport. Taking advantage of the existing tax benefits for community sport is the first crucial step towards nurturing our sporting abilities and enhancing the nation’s future sporting potential.”