|
|
12 Jul 2010
Usain Bolt, the 100m world record holder may not race in Britain because of the taxman tough stance on foreign sports stars.
Bolt is set to pull out of an event at Crystal Palace next month because HM Revenue & Customs will demand a cut of winnings from every other race he competes in afterwards, the Daily Mail reported.
His taxable earnings would also include his lucrative endorsement contracts.
The taxman is allowing an exemption for next year's football Champions' League Final, but does not extend the same olive branch to individual athletes after a 2006 court win against tennis star Andre Agassi.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
No need to be taxed this much!
When I was reading up on this topic and I came across an interesting blog by Antony Harvey on www.talkrec.co.uk who said that Usain Bolt?s appearance fee for next months Grand Prix is reported to be at £166,000, and that HMRC could tax 20% of that! So effectively he will be taxed £33,200. This has surely got to change if the UK wants to keep hosting major sporting events with the highest calibre athletes.
Posted by: Jamie Clementson, 16 Jul 2010 | 00:00
unethical tax policy
The tax policy in other countries are not too stringent which allow UK sportmen to compete in sporting activities and have almost the same advantages as competitors of those countries. This has to be reciprocal. There is no different in giving tax relief to team sporters. Sport as accountancy, has trancent beyond the national teritory and should be regulated by international sport federations as accounting standards are regulated by the IASB so I call for such international sport federations to see into such unethical practices by HMRC so as to protect the interst of sportmen in general.
Posted by: AGEY ATHANASIUS, 28 Jul 2010 | 00:00