HMRC have published a response to their consultation earlier this year on ‘Corporate contributions to grassroots sports’.
At Autumn Statement 2015 the government announced it would introduce a new corporation tax deduction for qualifying payments which support grassroots sports.
Following feedback received during consultation HMRC have decided that:
- Eligible sports will be defined using the Sports Councils’ lists.
- To make the scheme as wide as possible there won't be prescriptive lists of qualifying contributions or recipients.
- There will be no additional reporting requirements beyond the normal self assessment process.
Draft legislation introducing this new relief has been included in Finance Bill 2017.
Links
Our subscriber guide: Grassroots sport contributions
The original consultation and response documents can be found here.
