Good news regarding Sussex legacy
Sussex have received notification from the Inland Revenue that the Spen Cama legacy of £12 million will not be subject to corporation tax. There had been concern that the amount could be subject to 40% inheritance tax.
Gus Mackay, the county's chief executive, said that "we are delighted with the decision and we were always confident of the outcome".
The decision ensures the long term financial future of the club and more importantly, will allow a substantial development project to take place at Hove. However, the Club is in the process of finalising the tenders for the Gilligan Stand development but initial indications are it will exceed the budget. As a result, the board agreed to review the master ground development plan. A result is that the planned work will now be postponed pending the outcome of the review.
"Now that the HMRC investigations have been concluded, this is an ideal opportunity to revisit our master plan," David Green, Sussex's chairman, said. "We are mindful that cricket is growing in popularity, both in England and internationally, and therefore we need to develop facilities that meet the potential demands. Our recent success has placed the club at the heart of the community, therefore were want to provide a facility that we are all proud of in Sussex."