Section 82B Approved sports bodies

Summary

This section provides for an exemption from stamp duty on the acquisition of land by a sporting body approved under section 235 of the Taxes Consolidation Act 1997 where the land acquired will be used for the sole purpose of promoting athletic or amateur games or sports. The exemption applies to instruments executed on or after 7 December 2006.

Details

(1) The definition of “approved sports body” takes its meaning from “an approved body of persons” with the meaning of section 235(1) of the Taxes Consolidation Act 1997.

(2) The section provides for an exemption from stamp duty on a conveyance, transfer or lease of land to an approved sports body.

(3) The exemption only applies where the land conveyed, transferred or leased to the approved sports body will be used for the sole purpose of promoting athletic or amateur games or sports.

Adjudication has been abolished for instruments executed on or after 7 July 2012 and a self-assessed stamp duty return must be filed under the e-stamping system in relation to instruments in respect of which the exemption from stamp duty is sought.

(4) A clawback of the relief or a proportionate amount of the relief granted to the approved sports body will arise, where the approved sports body disposes of the land or part of the land conveyed, transferred or leased to it by the exempt instrument and does not apply the proceeds from the disposal to the sole purpose of promoting athletic or amateur games or sports.

(5) A clawback of the relief granted will also arise where the approved sports body ceases to use the land it acquired for the sole purpose of promoting athletic or amateur games or sports.

(6) Interest will be payable on any clawback incurred, calculated in accordance with section 159D, from the date of any disposal or cessation, to the date the clawback is remitted.

(7) The maximum clawback payable on any instrument will not exceed the amount of duty that would have been payable on the instrument, in the first instance, had relief under the section not applied.

Relevant Date: Finance Act 2014