(This note is not part of the Order)
Sections 662 and 663 of the Corporation Tax Act 2010 provide exemptions for UK trading income and UK property income for sports clubs registered as community amateur sports clubs provided certain conditions are met. This Order increases the relevant thresholds for the exemptions from £30,000 to £50,000 for UK trading income and from £20,000 to £30,000 for UK property income with effect for accounting periods beginning on or after 1st April 2015. Article 1(3) makes provision for accounting periods which begin before, but end after, 1st April 2015.
A Tax Information and Impact Note covering this instrument and entitled Community Amateur Sports Clubs: Changes to Rules will be published online at http://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.