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Sports Clubs

Volume 892: debated on Monday 12 May 1975

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asked the Chancellor of the Exchequer if he will bring forward legislation to exempt sports clubs which devote all their finances to the benefit of the general public by way of the provision of sports and leisure facilities from capital tax on development gains; and if he will make a statement.

The 1974 Finance Act enables non-profit-making bodies such as sports clubs to defer indefinitely payment of part of the tax chargeable on development gains if the gain is reinvested in qualifying assets. I understand that the club which the hon. Member has particularly in mind should be able to benefit from this relief. My right hon. Friend does not consider, however, that such clubs should be wholly exempt from any tax on development gains.