82B Approved sports bodies

(1) In this section “approved sports body” means an “approved body of persons” within the meaning of section 235(1) of the Taxes Consolidation Act 1997.

(2) Stamp duty shall not be chargeable on any instrument operating as a conveyance, transfer or lease, of land to an approved sports body.

(3) Subsection (2) shall not apply to an instrument unless—

(a) the land conveyed, transferred or leased by the instrument will be used for the sole purpose of promoting athletic or amateur games or sports, and

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(b) the instrument—

(i) contains a certificate, in such form as the Commissioners may specify, that this section applies, and

(ii) has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with duty.

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(4) (a) Where an approved sports body to whom land was conveyed, transferred or leased by any instrument to which subsection (2) applied—

(i) disposes of such land, or part of such land (in this subsection referred to as a “part disposal”), and

(ii) does not fully apply the proceeds from such disposal or, as the case may be, such part disposal, to the sole purpose of promoting athletic or amateur games or sports,

then such approved sports body shall become liable to pay to the Commissioners ^[2]>a penalty^<[2][2]>an amount (in this section referred to as a “clawback”)^<[2] equal to an amount determined by the formula—

S	×	N
		V

where—

S is the amount of stamp duty that would have been charged on that instrument had subsection (2) not applied,

V is the market value, immediately before the disposal or the part disposal, of all the land conveyed, transferred or leased by the instrument, and

N is the amount of proceeds from the disposal or, as the case may be, the part disposal that has not been, or will not be, applied to the sole purpose of promoting athletic or amateur games or sports.

(b) For the purposes of paragraph (a)—

(i) where any property is received by way of exchange, in whole or in part for a disposal, and has been, or will be, applied to the sole purpose of promoting athletic or amateur games or sports, an amount equal to the market value of such property, at the date of the disposal, shall be deemed to be proceeds from such disposal which have been, or will be, applied to that same purpose, and

(ii) where a disposal of land is effected in whole or in part by way of a voluntary disposition inter vivos, an amount equal to the market value of the lands disposed of, at the date of the disposal, less the amount, if any, received as proceeds from the disposal, shall be deemed to be proceeds from the disposal which have not been, or will not be, applied to the sole purpose of promoting athletic or amateur games or sports.

(5) Where an approved sports body to whom land was conveyed, transferred or leased by any instrument to which subsection (2) applied, ceases, at any time, to use the land, beneficially owned by it, for the sole purpose of promoting athletic or amateur games or sports, the approved sports body shall become liable to pay to the Commissioners ^[2]>a penalty^<[2][2]>an amount (in this section referred to as a “clawback”)^<[2] equal to the amount of stamp duty which would have been charged on the instrument, in the first instance, had subsection (2) not applied.

(6) Interest shall be payable on a ^[3]>penalty^<[3][3]>clawback^<[3] incurred under subsection (4) or (5) calculated in accordance with section 159D, from the date of any disposal or cessation to the date the ^[3]>penalty^<[3][3]>clawback^<[3] is remitted.

(7) Notwithstanding subsections (4) and (5), the maximum ^[4]>penalty^<[4][4]>clawback^<[4] payable on any instrument shall not exceed the amount of duty which would have been charged on the instrument in the first instance had subsection (2) not applied.