TaxPersonal TaxRSM Tenon spearheads talks on overseas sports star tax

RSM Tenon spearheads talks on overseas sports star tax

RSM Tenon in discussions with the government to secure an exemption for foreign sports stars' overseas income after criticisms mount

Advisers from RSM Tenon are in discussions with the government to stop the
taxman claiming a slice of sports stars’ overseas earnings after competing in
the UK.

The tax experts are negotiating on behalf of various groups in the wake of
sporting stars including Tiger Woods and
Usain
Bolt threatening to steer clear of the UK
.

“We’re working with a number of groups and the Department for Culture Media
and Sport on this issue, “said RSM Tax director Pete Hackelton. “Discussions are
ongoing.”

“The aim is to get an exemption for non-UK source endorsement income.”

In the case of Bolt he may have paid more in tax than the prize money he
would have earned for winning a recent athletics meeting.

The compromise for HMRC would be that the tax revenues generated from having
major sporting events based here, would make up for any supposed loss to the
Exchequer caused by dropping claims to overseas income.

“The rationale is that if this doesn’t happen, the UK will struggle to
attract major events in future, the tax take from which (VAT on ticket sales
etc) should more than cover any perceived shortfall due to the exemption.
Hopefully there will be some movement on this,” Hackleton added.

Further reading:

Casey
hits the bunker about Ryder Cup tax planning

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