HMRC targets worldwide sport stars
In a move which could decimate the UK sporting calendar it is been revealed that HM Revenue and Customs (HMRC) has introduced a number of new taxes on worldwide sport stars who attend UK events. We are already seeing a number of worldwide sport stars staying away from UK events as the government is set to impose levies on money from endorsements and bonus related payments.
One example which illustrates the growing problem is where for example a sports star attends two events a year and one of those events is in the UK. Not only would they be charged tax on their winnings in the UK but they could also incur a 50% tax charge on half of the annual sponsorship money, no matter where they are based. Sergio Garcia, the acclaimed Spanish golfer, has already confirmed that he will only attend one event in the UK this year as opposed to five in 2001 purely and simply because of the tax situation.
One of the media groups representing a leading sports person has already confirmed that the person in question has paid six times more in tax to HMRC than they earned for attending two UK tournaments last year. This is a perfect example of how the taxation changes in the UK will reduce the earnings capacity of leading sports stars. Would you come to these shores if you were a leading sports star?
Share this..
Related stories
UK pensioners missing out on tax breaks
Official data from the National Audit Office has revealed that 3.2 million pensioners in the UK are failing to take up their full tax allowances, 2.4 million are paying too much tax on their savings and more and more pensioners in the UK are frightened to ask for help. In a sign of the times it seems as though the ever more complicated UK tax system is causing more problems amongst pensioners in t...
Read MoreHow long before David Cameron reveals his own tax policies for the future?
As the political fallout from Alistair Darling's latest budget continues, in the background there is a growing call for David Cameron to reveal his own tax policies for the future in greater detail. While, quite rightly, David Cameron has so far refused to reveal details of his financial policies, should the Tory party gain power next year, now may be the time to at least start feeding ideas and c...
Read MoreIrish government set to take drastic action
The Irish authorities have this evening signalled a significant change in the future funding of Irish public services and amendments to tax rates and tax allowances. The move comes with news that the government needs to save between €3.5 billion and €4 billion a year from the Irish budget. The situation is worse than many predicted with a deficit of €23 billion forecast for this...
Read MoreWhat subsidy will the UK government take away next?
The UK government will, from midday tonight, introduce a further two pence a litre tax charge on fuel, a charge which should have come in around 12 months ago but was delayed to give assistance to consumers and haulage companies. However, while this particular move was well flagged by the UK authorities there are fears that many other forms of assistance for UK consumers and UK businesses will soo...
Read MoreHM Revenue and Customs target MPs expenses
In a surprising turnaround it has been revealed that HM Revenue and Customs have confirmed that ministers who claimed expenses for the completion of their private tax affairs are liable to pay tax on the figures involved. In total 42 ministers have claimed £25,000 for tax advice in relation to their own affairs and while it is assumed they have paid the necessary tax on this particular expense a...
Read More