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BUDGET BOOST FOR YACHT CLUBS

19:01 19th April 2002 by
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BUDGET BOOST FOR YACHT CLUBS

The RYA today applauds the Chancellor’s budget proposals for a tax relief
package for sports clubs.

In the 2001 budget, the Chancellor promised that the Treasury would be
looking at the best way of helping sports club reduce their tax burden
with a view to tax changes the 2002 budget. The Treasury then proposed a
possible package of reliefs which was welcomed by sport. At the same time
however the Charity Commissioners announced that clubs promoting healthy
recreation to the community would now be eligible for charitable status;
this also was a welcome concession, but likely to be of interest to a very
few clubs.

In pre-budget discussions, it was feared that the Chancellor was going
cool on the tax concession proposals and steering clubs towards
reconstituting as charities. Now, after an unprecedented 2,400 letters
from clubs (including 300 yacht clubs), over 100 Parliamentary questions,
and a 148-signature House of Commons Early Day Motion, the Chancellor has
confirmed the Treasury proposals will after all be enacted. The ability of
clubs now to go for the simple tax relief package or to undertake
conversion to charitable status is doubly welcome and will be a great
boost to all sailing club treasurers struggling to balance the books.

Welcoming yesterdays budget announcement, George Clark, Chairman of the
RYA said

‘The Government acknowledges that amateur sports clubs are the
bedrock of the sport in this country, and that the clubs are also at the
heart of community life throughout the country. The new package of tax
reliefs is tremendously welcome, and I am particularly pleased that the
reliefs will take effect immediately. Great credit must go to the CCPR
for coordinating a very powerful lobby over the past few months.’

Full details of the tax relief package can be found on the HM Treasury
Website www.hm-treasury.gov.uk/budget

The main reliefs are as follows:

* Fundraising income up to £15,000 exempt from tax;
* Income from interest exempt from tax;
* Rental income up to £10,000 exempt from tax;
* Disposals exempt from capital gains tax;
* Gift aid on individual donations;
* Inheritance tax relief on gifts;
* Gifts of assets on no-gain, no-loss basis for
capital gains;
* Business relief on gifts of trading stock.

For further details contact Edmund Whelan at RYA Legal Department, RYA
House, Romsey Road, Eastleigh. SO50 9YA. Tel:
02380 627422.

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