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Old 13-07-2010, 21:00   #5
danielf
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Re: Usain Bolt and the taxman

Frankly, this sounds like porkies to me. It seems highly unlikely to me that the British tax man can (or will) tax overseas earnings from someone who is not resident in the UK and is liable for tax on those earnings elsewhere.

Apart from this story on Bolt there's preciously little to be found on this on the web.

Edit: apparently not.

Quote:
BRITAIN’S sporting calendar is in danger of being decimated by a new threat: a harsh tax regime blowing in from the government.

Some of the world’s top sports stars are turning their backs on tournaments in Britain because of “draconian” taxes now being imposed on their worldwide sponsorship deals.

Big events could lose some of their main attractions because of a new offensive by HM Revenue & Customs (HMRC) to impose levies on money from endorsements. It confirmed this weekend that it is also targeting sponsors’ performance-related bonuses.

For example, if a sports star plays in two tournaments or races in two marathons a year, and one of those events is in Britain, they could be charged 50% tax on half their total annual sponsorship money.
So they will determine what percentage of events a person participates in took place in the UK and tax that percentage of sponsorship deals. I wonder if Jamaica and the UK have double taxation relief deals.

http://www.timesonline.co.uk/tol/mon...cle6991066.ece
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