610A Exemption for proceeds of disposal by sports bodies.

(1) Subject to subsection (2), a gain shall not be a chargeable gain if it accrues to an approved body to the extent that the proceeds of the disposal giving rise to the gain or, if greater, the consideration for the disposal under the Capital Gains Tax Acts have, within 5 years of the receipt of the proceeds of the disposal or the consideration, as the case may be, been applied for the sole purpose of promoting athletic or amateur games or sports.

(2) A gain shall not be a chargeable gain if it accrues to an approved body to the extent that the proceeds of the disposal (or part thereof) giving rise to the gain or, if greater, the consideration for the disposal (or part thereof) have, within 5 years of the receipt of the proceeds of the disposal or the consideration, as the case may be, been donated for charitable purposes to a person or body of persons and—

(a) application has been made to the Minister for Finance specifying the person or body of persons to which the approved body proposes to make a donation and he or she has approved the making of the donation to the person or body of persons specified in the application,

(b) the donation is evidenced by a deed which stipulates that the donation is applicable and must be applied for the purposes of the charity only, and

(c) neither the donor nor a person connected to the donor receives a benefit in consequence of making the donation, either directly or indirectly.

(3) The Minister for Finance may refuse to approve the donation to the person or body of persons referred to in subsection (2) if he or she believes that the public good would not be served if the donation were made.

(4) The Revenue Commissioners may allow an extension of the period of 5 years referred to in subsection (1) for the application of proceeds for sporting purposes if they are satisfied that an approved body is in the process of applying proceeds for that purpose.

(5) The Revenue Commissioners may allow an extension of the period of 5 years referred to in subsection (2) for the making of a donation for charitable purposes if they are satisfied that an approved body is in the process of making such a donation.

(6) In this section “approved body” means an approved body of persons within the meaning of section 235(1).