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Finance Act 2014

Section 48: Major Sporting Events: Power to Provide for Tax Exemptions


1.This section introduces a new power which allows the Government to make provision by Treasury regulations for income tax and corporation tax for major sporting events. Regulations made under this power must be approved by a resolution of the House of Commons.

Details of the Section

2.Subsection 2 details the particular circumstances for which provision may be made.

3.Subsection 3 details certain criteria by which classes of person may be specified.

4.Subsection 5 describes how the regulations are to be made.  They will be subject to the affirmative procedure so that a draft of a statutory instrument containing the provisions must be laid before, and approved by, the House of Commons. This procedure will allow for Parliamentary debate.

Background Note

5.The Government is introducing a power to allow provision to be made for income tax and corporation tax exemptions for major sporting events using secondary legislation.

6.The Government’s policy is to grant certain tax exemptions for sporting events if the event is:

  • World-class,

  • internationally mobile, and

  • where exemption by the host country is a requirement of a bid to host the event.

7.In addition the Government has provided exemptions for events which were or are exceptionally well-placed to extend and preserve the legacy of the London 2012 Olympic and Paralympic Games.

8.Previous exemptions and special provisions have needed to be legislated in a Finance Bill. The power will enable the Government to make provision outside of that process. This will allow for more flexibility whilst retaining Parliamentary scrutiny of any proposed exemption or provision.

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