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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Thursday, 26 January 2012
Beaker Lays Down The Law
I am gemused to read that the Chief Secretary to the Treasury, Danny "Beaker" Alexander, has decreed that athletes resident outside of the UK who compete at the Glasgow 2014 Commonwealth Games will be exempt from income tax.
Under UK tax rules, any sportsperson not resident in the UK is subject to UK income tax on any payment in connection with their performance here, including a proportion of any worldwide endorsement income.
"With six months tomorrow to go until London 2012, I’m pleased to announce this special exemption for Glasgow 2014 which will prolong the Olympic legacy and help spread the long-term benefits into Scotland."
Are we to assume that no one would have competed in the games if the tax exemption had not been put in place?
Tax does have to be taxing.
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