Volume: 15 Issue: 12
The new UK law introducing tax incentives for corporate spending on grassroots sport received Royal Assent on 16 November 20171. All companies supporting amateur sport should be able to claim corporation tax (‘CT’) relief for their qualifying expenditure from 1 April this year and should review their circumstances to see what cash benefits the new relief will deliver. Since many will be preparing accounts and CT returns for year ends since 1 April 2017 the new relief may provide an immediate tax saving, as Richard Baldwin MBE, a Sports Tax Consultant and Hon. Tax Adviser to the Sport & Recreation Alliance, explains.