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ATT has issued tax guidance for amateur sports clubs.
The Association of Taxation Technicians has issued a reminder to amateur sports teams that the tax system can also help clubs such as those competing in the early rounds of the FA Cup by registering as a community amateur sports club (CASC).
Yvette Nunn co-chair of ATT’s technical steering group said: ‘We would like to highlight one particular aspect of the tax system which is specifically designed to assist amateur sports clubs. Registration as a CASC can bring a club very similar benefits to having charitable status.
‘These benefits include exemption from tax on bank interest capital gains trading profits (provided the club’s annual trading turnover is less than £50 000) and rental income of up to £30 000 a year. In addition the gift aid scheme applies to qualifying donations to...
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