£12 million legacy under the spotlight

Revenue investigation delays Hove redevelopment

Cricinfo staff

March 5, 2008

Sussex's ambitious plans for the redevelopment of Hove have been thrown into doubt by an Inland Revenue investigation into the £12 million legacy bequeathed to them by former president Spen Cama.

A report in The Times suggested that the windfall could be reduced by as much as £5 million if it is subjected to corporation or inheritance tax. "It would have a massive impact on our plans," Gus Mackay, the chief executive, told the paper.. "It would change the scope of our development, so we are seeking clarification. We believe Spen's legacy was an unsolicited gift and not taxable, but an investigation could take two weeks, two months or two years."

The legacy was put into trust and so the county hope that they will be entitled to the full amount. Work was to have started later this month but that has now been put on hold.

The legacy has already had a marked impact on the county's finances. The county is expected to report an operating loss of more than £300,000 in 2007 but interest on Cama's legacy means that figure will be boosted to a surplus of over £200,000.

Cama, a barrister who died in 2001, also left £7 million to a local league side.

© Cricinfo

Add to del.icio.us | digg this | Stumble It What's this? If you liked this article and would like to share it with others on the web who might be searching for good content on cricket, you may use these buttons. When you add them to any of these sites, you "social bookmark" them for others to find and rate. More on del.icio.us>> More on digg>> More on stumbleupon>> Close

Predict the daily Indian Premier League MVP and win prizes Brought to you by Cricinfo & Times Now NEW: West Indies v Australia fantasy cricket game Enter your teams here Scores, tones, wallpapers & more to your mobile - SMS CRI to 52742 Cricinfo Mobile

Stories

Good news regarding Sussex legacy

Teams

England

Sussex

Grounds

County Ground