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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?

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