CASC & FCA Deadlines Looming

April 1 2016 is only a few weeks away and those clubs who are currently registered for CASC and/or administering a subscription instalment payment scheme need to ensure they have informed the relevant authorities of their intentions.


If your club is remaining as a CASC then you must complete and return the CASC self assessment questionnaire sent to you by HMRC in July 2015. If you do not have this form then you should contact HMRC online, or write to Charities, Savings & International 2, HM Revenue & Customs, BX9 1BU, to request one. The deadline for returning this questionnaire to HMRC is 1st April. If it is not received by then HMRC will automatically assume your club does not meet the new CASC rules and will deregister the club from 1st April 2016.

If you club has decided to withdraw from CASC then HMRC say they will deregister you automatically on 1st April, however you should inform HMRC of your intentions, in writing, by 31st March at the latest. This will ensure there are no misunderstandings as if you do not comply with the new rules and remain registered then you could be liable for a charge to Corporation Tax (loss of any CASC reliefs and a deregistration charge based on the assets held by the club from 1st April onwards).


Those clubs who have Interim Permission from the FCA and have decided not to pursue a licence, to continue with their instalment scheme should inform the FCA by completing their Consumer Credit Notification Survey by 31st March. This will ensure that the FCA actively know that you are ceasing regulated consumer credit activities and you should not receive any further communication from them.

Remember if you do continue to provide regulated consumer credit without a FCA Licence then you will be trading without permission which is illegal and subject to heavy fines.


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