50p tax rate could deter sports events
07 Apr 2010, Mario Christodoulou, AccountancyAge
http://www.accountancyage.com/aa/news/1809239/50p-tax-rate-deter-sports-events
The new 50p tax rate may deter sporting stars from taking in part in British events, a senior tax accountant has warned.
The Daily Mail reports that smaller British sporting events may become a victim of the high tax rate as sportsman try and avoid the high tax rate.
"We could see an exodus of certain events from the UK," tax consultant Pete Hackleton from RSM Tenon told the newspaper.
“At the moment sportsmen are taxed on UK prize money and on a proportion of their endorsement income. Once the income tax rate hits 50p they will be even more averse to coming to the UK."
Read the full story: 50p tax increase could hit UK sporting events
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Visitor comments
Concessions
There has been wide comment on the impact on the Premier League, but I suspect the reference is more towards one-off/short term events such as hosting the Champions League final, World Championship boxing events, tennis tournaments.
The net value of these events and the marketability of the UK to host these against other countries might be jeapodised, however I understand concessions have been granted for the 2011 Champions league final which I understand is to be held at Wembley. The frequency of these concessions will become a significant factor.
Posted by: Andrew , 08 Apr 2010 | 00:00
A good thing?
You mean Premier League clubs might have to field a few more British players? Now, wouldn't that be good for the national game? Let's put the rate up to 80% for anyone 'earning' more than £1 million.
Posted by: Mike Page , 07 Apr 2010 | 00:00