Even though the players themselves do not actually receive the money, the Revenue argues that the players benefit from the agents’ work as it represents a ‘benefit in kind’, according to the Evening Standard.
A successful transfer, would see a footballer paying tax at a rate of 40%, and with agents regularly receiving more than a £1m in fees this could mean a bill of more than £400,000.
All Premiership and Football League clubs have been informed of the new ruling, and the tax is expected to only be imposed on future deals if they cooperate with the Revenue.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...