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    Tax

    Posted by Midnight Son on 21/6/2024, 12:34:56

    Maybe Outsider or someone will know about this. People talk about all the money we have now- the 200 million or so from the Premier League but won't the club have a huge corporation tax bill as a result of this?

      Re: Tax

      Posted by ELH on 21/6/2024, 13:36:24, in reply to "Tax"

      200m is the roughly the additional revenue over 3 years from promotion. Tax is paid on profits, which will be much lower after all the costs incurred are taken off.

      Also, like the vast majority of clubs, Luton has been historically loss making. Companies can carry forward losses from previous years to offset against future profits, reducing the tax bill. E.g. if you lost 2m in one year then made a profit of 1m in the next, you wouldn't need to pay any tax.

      Luton recognised a deferred tax asset on all their brought forward losses last year. It's a geeky accountancy subject, but in short it means the club believe that they will make sufficient profits in future years to utilise the brought forward losses so WILL have to pay some corporation tax.

      It's not possible to say how much until the accounts are published, but I would be surprised if it's very much.

        Re: Tax

        Posted by Midnight Son on 21/6/2024, 14:31:56, in reply to "Re: Tax"

        Thanks for that - very helpful. Nice that earlier losses won't be a total loss!

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