Further to the introduction of legislation on taxation of Coronavirus Business Support and Job Retention Scheme Grants, HMRC have published detailed guidance on how these new tax rules apply. The guidance is general in scope and does not address the special corporation tax rules which apply to members sports clubs. However, HMRC’s position is that these grants are fully taxable whether a club has been liable to corporation tax in the past and filed returns or not.
We have produced an on-demand webinar which gives you an overview of the approach. There are some exceptions to the taxations, which can be found on the tax page below, which also includes where support can be found.