Taxes Consolidation Act 1997 section 610A

Exemption for proceeds of disposal by sports bodies

Section 610A exempts from capital gains tax certain gains accruing to approved amateur sports bodies where the disposal proceeds are applied for sporting purposes or donated to charity.

• A gain accruing to an approved sports body is exempt from CGT if the proceeds are applied solely to promote athletic or amateur games or sports within five years of receipt.
• A gain is also exempt if the proceeds (or part of them) are donated for charitable purposes within five years, subject to Ministerial approval, a deed restricting use to charitable purposes, and no benefit accruing to the donor or connected persons.
• The Minister for Finance may refuse approval for a charitable donation if he or she considers the public good would not be served by the donation.
• Revenue may extend the five-year time limit for either sporting expenditure or charitable donations where the body can demonstrate it is in the process of applying the proceeds for the relevant purpose.