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Usain Bolt snubs London meeting over tax laws
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=9431		 Page 1 of 1
Author:  Amnesia10 [ Mon Jul 12, 2010 5:04 pm ]
Post subject:  Usain Bolt snubs London meeting over tax laws
http://news.bbc.co.uk/sport1/hi/athletics/8812123.stm

Quote:
Triple Olympic champion Usain Bolt has announced he will not compete at August's Aviva London Grand Prix because of Britain's tax laws.
The 100m and 200m world record holder may not now compete in the UK again until the 2012 Olympics.
New regulations mean the 23-year-old Jamaican could lose more money than he would earn from competing at the Crystal Palace Diamond League event.
"I am definitely not going to run [in London]," Bolt told a news conference.
Crystal Palace organisers had hoped to stage a three-way showdown between Bolt and his sprint rivals Asafa Powell and Tyson Gay.
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings - which for Bolt, who earns millions from endorsements, could be hugely costly.
Author:  Nick [ Mon Jul 12, 2010 5:06 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
That does sound kind of nuts.
Author:  l3v1ck [ Mon Jul 12, 2010 5:54 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
Indeed. A 40% top tax bracket just on his UK earnings sounds much more reasonable.
Author:  pcernie [ Wed Jul 14, 2010 7:55 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
So what about native athletes? What lunacy are they subject to? :?
Author:  belchingmatt [ Wed Jul 14, 2010 8:01 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
pcernie wrote:
So what about native athletes? What lunacy are they subject to? :?


Income tax like the rest of us I hope.
Author:  Linux_User [ Wed Jul 14, 2010 8:02 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
Why should we change tax laws just to suit foreign athletes?
Author:  JJW009 [ Wed Jul 14, 2010 11:14 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
Linux_User wrote:
Why should we change tax laws just to suit foreign athletes?

Are you saying this insane tax policy applies to other foreign interests who might otherwise invest in our country?

It's like a big sign saying "NO FOREIGNERS - YOUR MONEY IS NO GOOD HERE UNLESS WE CAN RAPE YOU"
Author:  Linux_User [ Wed Jul 14, 2010 11:44 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
JJW009 wrote:
Linux_User wrote:
Why should we change tax laws just to suit foreign athletes?

Are you saying this insane tax policy applies to other foreign interests who might otherwise invest in our country?

It's like a big sign saying "NO FOREIGNERS - YOUR MONEY IS NO GOOD HERE UNLESS WE CAN RAPE YOU"


Or, to put it another way:

"OMG. I'm not going to the UK because my money is more important".

It's a real shame for us normal [LIFTED] eh? If only we could embarrass HMRC into not charging us tax.
Author:  JJW009 [ Thu Jul 15, 2010 12:08 am ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
Did you read the same quote I did?

Quote:
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings


Just by appearing here for a few seconds, we'd rape him of a proportion of his income earned over seas? Income he may well already have been taxed on?

On what planet does that make any sense?
Author:  Linux_User [ Thu Jul 15, 2010 12:29 am ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
JJW009 wrote:
Did you read the same quote I did?

Quote:
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings


Just by appearing here for a few seconds, we'd rape him of a proportion of his income earned over seas? Income he may well already have been taxed on?

On what planet does that make any sense?


Did you read the whole article? HMRC are only entitled to worldwide earnings if part of their worldwide appearance included the UK. For example, if they did 10 events and one of them was in the UK, then 10% of their income is taxable by the UK.

Now TBH I wouldn't say that was perfect, if you ask me then they should only be taxed on their earnings within the UK*. But I'm failing to see why they should get a major tax break just to encourage them to come over here. I can't escape UK tax, why should they?

*except British athletes, in which case all of their income should be taxable, regardless of source.
Author:  JJW009 [ Thu Jul 15, 2010 12:34 am ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
Linux_User wrote:
if you ask me then they should only be taxed on their earnings within the UK

Presactly. Obviously he should pay tax on UK earnings, just like you and I.

To quote the salient fact from the article, he "could lose more money than he would earn" because we'd tax him so disproportionately on earnings that have nothing to do with the UK.

That is wrong. It's so obviously wrong that only a tax man could think it up.
Author:  Amnesia10 [ Thu Jul 15, 2010 12:35 am ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
JJW009 wrote:
Did you read the same quote I did?

Quote:
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings


Just by appearing here for a few seconds, we'd rape him of a proportion of his income earned over seas? Income he may well already have been taxed on?

On what planet does that make any sense?

Yes but he would also get a personal allowance, so if he hits 50% on a single appearance who ever it is would not be doing badly for a days work. Plus if the well off are given free passes to any form of tax who pays for it? Us.
Author:  hifidelity2 [ Thu Jul 15, 2010 11:15 am ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
JJW009 wrote:
Did you read the same quote I did?

Quote:
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings


Just by appearing here for a few seconds, we'd rape him of a proportion of his income earned over seas? Income he may well already have been taxed on?

On what planet does that make any sense?



The issue is if you didn’t do this then any semi competent tax accountant could have him pay zero tax as the appearance fee would be paid to him via an overseas account.
Author:  Amnesia10 [ Thu Jul 15, 2010 3:31 pm ]
Post subject:  Re: Usain Bolt snubs London meeting over tax laws
hifidelity2 wrote:
JJW009 wrote:
Did you read the same quote I did?

Quote:
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings


Just by appearing here for a few seconds, we'd rape him of a proportion of his income earned over seas? Income he may well already have been taxed on?

On what planet does that make any sense?



The issue is if you didn’t do this then any semi competent tax accountant could have him pay zero tax as the appearance fee would be paid to him via an overseas account.

If that happened the tax authorities would hit either the event organisers, thereby deterring them from such actions or just wait till he was flying through and get him later, and accrue fines on a daily basis.
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