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Sports Betting Articles
Clubs save £15m – thousands missing out
Figures released today reveal that sport and recreation clubs have saved more than £15m since the introduction of key tax concessions for the sector. But the data also showed that, in the critical run-up to London’s Olympics in 2012, thousands more clubs are missing out on a windfall of up to £60m per year between them by not registering for the concessions.
Information recently published by Her Majesty’s Revenue and Customs (HMRC) shows that 4,000 clubs have now been registered with the Community Amateur Sports Club (CASC) scheme and today’s analysis by Deloitte estimates that since concessions were introduced in April 2002 clubs have saved, on average, £3,800 each.
However, stakeholders in the scheme united today to highlight the fact that many eligible clubs are failing to take advantage of the benefits available to them and are losing out on cash benefits totalling millions of pounds. CCPR, the alliance for sport and recreation’s governing bodies, has also set up a new website (www.cascinfo.co.uk) to highlight the opportunities available to clubs who register with the scheme.
Sports Minister Richard Caborn MP said:
"I welcome the new 'cascinfo.co.uk' website and hope it will encourage many more clubs to register for CASC status. Since the scheme was set up four years ago 4,000 clubs have saved £15 million simply by registering and by filling out a form.
"The money saved has gone back into sport and has enabled clubs to spend it on everything from facilities to kit. A further 36,000 amateur sports clubs across the country could be eligible for CASC savings of up to £60 million a year between them and the website offers invaluable advice on how to make those savings."
The CASC scheme affords member clubs a number of financial benefits, including 80% mandatory business rate relief, access to GiftAid and some exemptions from corporation tax.
Keith Moore, Head of HMRC Charities said:
"We recognise the positive contribution that the available reliefs can make to sports clubs and their local communities and we want to encourage more clubs to register as CASCs. We do welcome the new website and believe that this will complement the HMRC website, our support staff and processes, which we have worked hard to make as straightforward as possible."
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