Revenue has published new guidance on the exemption from income tax or corporation tax for certain categories of national governing bodies (NGBs) of sport. The manual explains how the exemption will operate, outlines relevant definitions and provides examples where the exemption will and will not apply.
The exemption applies to income which the body can hold for up to ten years provided the income is ultimately applied for certain qualifying purposes. Qualifying purposes include capital projects, the purchase of certain sporting equipment, supporting elite athletes in competitive sport, and supporting the participation of women and people with disabilities in sport.
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