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.”