View Single Post
Old 13-07-2010, 21:11   #6
nomadking
cf.mega poster
 
Join Date: Apr 2004
Location: Northampton
Services: Virgin Media TV&BB 350Mb, V6 STB
Posts: 8,144
nomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze array
nomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze arraynomadking has a bronze array
Re: Usain Bolt and the taxman

Link
Quote:
"I will see what I can do. Three weeks doesn't give us a whole lot of time to organise a tax concession," the sports minister stated.
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings - which for Bolt, who earns millions from endorsements, could be hugely costly.
Link
Quote:
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings - which for Bolt, who earns millions from endorsements, could be hugely costly.
HM Revenue & Customs won a case in 2006 brought by tennis star Andre Agassi. It successfully argued that as well as the prize money he accrued, a proportion of Agassi's worldwide sponsorship income was also earned during his time in the UK and was therefore taxable.
HMRC bases its tax charge on the number of UK events athletes compete in. For example, if Bolt were to take part in 10 meetings worldwide, with one in the UK, the HMRC could tax him on one-10th of his worldwide earnings.
The UK's tax laws have proved a handicap to the country's chances of hosting events. Uefa admitted in 2008 that Wembley missed out on the 2010 Champions League final for that very reason.

The Government has since agreed to waive the rule so London can host the 2011 final, and competitors in the 2012 Olympics are also exempt.
Golfer Sergio Garcia has admitted in the past that he limits his appearances in the UK because of tax laws.
Wembley loses 2010 final over tax
nomadking is offline   Reply With Quote