Sport England: clubs urged to take up CASC scheme
From Sport England on the benefits of becoming a CASC club:
Sports Minister, Gerry Sutcliffe MP, and Financial Secretary to the Treasury, Stephen Timms MP, have said that over 40,000 amateur sports clubs are missing out on a collective £100 million a year of tax savings. They want more clubs to register with the Community Amateur Sports Club (CASC) scheme to help drive a sporting legacy from 2012.
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 bill
- the 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
Eligible clubs 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.
Financial Secretary to the Treasury, Stephen Timms MP, said, “Sports clubs make a great contribution to the local communities they serve, and this scheme is a way for the Government to recognise that contribution. I urge all eligible clubs to register as CASCs and make the most of the support available to them.”
Chair of the Central Council of Physical Recreation (CCPR), Brigid Simmonds said, “Thanks to the CASC scheme, thousands of sports clubs have received a boost from the taxman; in fact over £42.5 million has been saved by the 5,000 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 the community. 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. CCPR is continuing to work with DCMS to see how the benefits of the scheme could be improved.”
For further information visit the cascinfo website
Full story from Sport England website