Currency Converter

Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).

From:
To:
 

SBD Global/November 25, 2013/Finance

Northern Ireland Government Granting Grassroots Sports Clubs Tax Breaks

Northern Ireland grassroots sports clubs "are to receive tax breaks from the Government to help increase participation," according to the BELFAST TELEGRAPH. More than 40,000 clubs will be able to keep up to £80,000 ($129,660) in "revenue from bars, cafes and hiring out facilities before having to pay any corporation tax." Clubs will also "receive deductions to better support players with fees and expenses, and businesses will be able to donate to sports clubs tax-free for the first time." Corporations and local businesses "that give money to sports clubs will be able to offset their donation against their corporation tax bill, encouraging larger donations." To qualify for the tax reliefs, clubs cannot charge more than £31 ($50.2) a week in membership fees and any club that charges more than £10 ($16) per week in costs "will have to offer special discounts." The tax benefits come from an "extension to the Community Amateur Sports Club (CASC) relief scheme," which now allows clubs to generate up to £50,000 ($81,035) from trading and £30,000 ($48,621) from rental incomes (BELFAST TELEGRAPH, 11/23).
Return to top

Related Topics:

Finance, Europe

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug