SAILING/Weekly column: SAILING and other sports could benefit thanks to a provision expected to be in the 2002 Finance Act, set to be published today. Donations to approved bodies by individuals or companies may be offset against tax liabilities where a donation is used for specific capital investments. The scheme is similar to the existing allowance made for charitable donations.
The provision was identified by the Irish Sailing Association's (ISA) director of finance John Kidney and presented to a workshop of club officials prior to the ISA a.g.m. two weeks ago.
To qualify for the relief, an approved sports body receives a certificate from the Minister for Tourism, Sport and Recreation for a project that does not exceed €40 million and falls within one of the following categories:
The purchase, construction or refurbishment of a building or part of a building to be used for sporting activities;
The purchase of land to be used for sporting activities;
The purchase of permanently-based equipment for sporting activities;
The improvement of playing pitches, surfaces or facilities;
The repayment of, or the payment of interest on, funds borrowed for any of the above four activities.
An approved sports body is defined as one in possession of a valid tax clearance certificate and a certificate from the Revenue Commissioners stating that they qualify for the exemption from income tax/corporation tax.
The donation must still satisfy various other criteria and both donors and approved sporting bodies are advised to seek provisional tax advice prior to embarking on capital projects. The provisions come into force from May 1st and the minimum donation will be € 250.
"This is an excellent opportunity for sporting bodies to embark on infrastructural projects and I especially encourage sailing organisations to look at new opportunities", Kidney told The Irish Times.
At present, a number of Irish sailing groups are planning development projects around the coast. In most cases, new facilities will form part of the marine tourism infrastructure that is gradually extending from the popular east and south coast venues to a series of new projects along the Atlantic seaboard.
Meanwhile, last weekend saw the first National Championship of the newly formed Irish Team Racing Association to be staged outside Dún Laoghaire, when Schull Community College training centre hosted 10 teams. Not unexpectedly, the West Kirby Sailing Club squad were the overall winners, while UCD Exiles topped the national fleet.
The ITRA was established in 2000 and was founded on the resurgence of interest in the wake of the World Team Racing Championship staged in 1999.
NATIONAL TITLE - Final result: 1 UCD Exiles (John Sheehy, capt, Rebecca Killian, Nick Smyth, Fergal O'Shea, Andrew Fowler and Katie Hamilton); 2 Royal St George YC (Graham Elmes, capt); 3 UCD/TCD Society (Paddy Kirwan, capt).
