142 Deputy Eamon Gilmore asked the Minister for Finance if he will confirm, with reference to sections 235, 610 and Schedule 15, Paragraph 37, Taxes Consolidation Act 1997 and sections 105 and 54, Finance Act 2007, which give tax exemptions to sporting bodies which have been approved by the Revenue Commissioners, that a tax exempt sports club may not use a capital sum arising from the disposal of assets or the interest on the investment of such a capital sum, to underwrite day-to-day expenses and operating losses and thereby subsidising members’ subscriptions, that the use of such funds as outlined in above would be a breach of the standard income and property clauses under which the tax exemption was granted and that no concession has been granted to any tax exempt sports club for the use of a capital sum or interest arising in the circumstances outlined; and if he will make a statement on the matter. [19198/09]

Summary

142 Deputy Eamon Gilmore asked the Minister for Finance if he will confirm, with reference to sections 235, 610 and Schedule 15, Paragraph 37, Taxes Consolidation Act 1997 and sections 105 and 54, Finance Act 2007, which give tax exemptions to sporting bodies which have been approved by the Revenue Commissioners, that a tax exempt sports club may not use a capital sum arising from the disposal of assets or the interest on the investment of such a capital sum, to underwrite day-to-day expenses and operating losses and thereby subsidising members’ subscriptions, that the use of such funds as outlined in above would be a breach of the standard income and property clauses under which the tax exemption was granted and that no concession has been granted to any tax exempt sports club for the use of a capital sum or interest arising in the circumstances outlined; and if he will make a statement on the matter. [19198/09]

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