Revenue has updated the guidance on Donations to Approved Sports Bodies to reflect Finance Act 2024 amendments to the tax relief available for donations to "approved sports bodies” used for the funding of certain capital projects.
The updates to the guidance include the following:
- The new procedures for self-assessed and PAYE individuals who can now opt to either claim a deduction for a relevant donation against their total income or surrender the relief to the approved sports body - examples are included in the appendix.
- Confirmation that an approved sports body must issue a receipt acknowledging the payment of a relevant donation, regardless of the donor category – PAYE, self-assessed individuals and companies.
- Confirmation that the relief given by the donor to the approved sports body will be claimable by the body on or after 1 December in the year after the relevant year of assessment in which the donation is made.
- A summary of the steps involved in the section 847A TCA claim process has been updated to reflect the new system.
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