Budget 06: LOCOG gets tax exemption
Olympic organising company will not face corporation tax
The London Organising Committee of the Olympic Games has been made exempt
from corporation tax in the year’s Budget.
The regulations bringing in the exemption will be effective retrospectively
from the date of the company’s incorporation on 22 October 2004.
Regulations will also be introduced in relation to the International Olympic
Committee, non-resident athletes, and other people in the UK to carry out
temporary Olympic-related business to ensure that any income generated with not
be subject to corporation, income or capital gains tax.