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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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_________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Mon Jul 12, 2010 5:04 pm |
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Nick
Spends far too much time on here
Joined: Thu Apr 23, 2009 11:36 pm
Posts: 3527
Location: Portsmouth
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That does sound kind of nuts.
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| Mon Jul 12, 2010 5:06 pm |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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Indeed. A 40% top tax bracket just on his UK earnings sounds much more reasonable.
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| Mon Jul 12, 2010 5:54 pm |
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pcernie
Legend
Joined: Sun Apr 26, 2009 12:30 pm
Posts: 45931
Location: Belfast
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So what about native athletes? What lunacy are they subject to?  _________________Plain English advice on everything money, purchase and service related:
http://www.moneysavingexpert.com/
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| Wed Jul 14, 2010 7:55 pm |
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belchingmatt
I haven't seen my friends in so long
Joined: Fri May 15, 2009 3:16 am
Posts: 6146
Location: Middle Earth
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Income tax like the rest of us I hope.
_________________
Dive like a fish, drink like a fish!
><(((º>`•.¸¸.•´¯`•.¸><(((º>
•.¸¸.•´¯`•.¸><(((º>`•.¸¸.•´¯`•.¸><(((º>
If one is diving so close to the limits that +/- 1% will make a difference then the error has already been made.
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| Wed Jul 14, 2010 8:01 pm |
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Linux_User
I haven't seen my friends in so long
Joined: Tue May 05, 2009 3:29 pm
Posts: 7173
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Why should we change tax laws just to suit foreign athletes?
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| Wed Jul 14, 2010 8:02 pm |
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JJW009
I haven't seen my friends in so long
Joined: Thu Apr 23, 2009 6:58 pm
Posts: 8767
Location: behind the sofa
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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" _________________jonbwfc's law: "In any forum thread someone will, no matter what the subject, mention Firefly." When you're feeling too silly for x404, youRwired.net
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| Wed Jul 14, 2010 11:14 pm |
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Linux_User
I haven't seen my friends in so long
Joined: Tue May 05, 2009 3:29 pm
Posts: 7173
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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.
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| Wed Jul 14, 2010 11:44 pm |
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JJW009
I haven't seen my friends in so long
Joined: Thu Apr 23, 2009 6:58 pm
Posts: 8767
Location: behind the sofa
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Did you read the same quote I did? 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? _________________jonbwfc's law: "In any forum thread someone will, no matter what the subject, mention Firefly." When you're feeling too silly for x404, youRwired.net
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| Thu Jul 15, 2010 12:08 am |
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Linux_User
I haven't seen my friends in so long
Joined: Tue May 05, 2009 3:29 pm
Posts: 7173
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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.
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| Thu Jul 15, 2010 12:29 am |
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JJW009
I haven't seen my friends in so long
Joined: Thu Apr 23, 2009 6:58 pm
Posts: 8767
Location: behind the sofa
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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. _________________jonbwfc's law: "In any forum thread someone will, no matter what the subject, mention Firefly." When you're feeling too silly for x404, youRwired.net
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| Thu Jul 15, 2010 12:34 am |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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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. _________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Thu Jul 15, 2010 12:35 am |
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hifidelity2
I haven't seen my friends in so long
Joined: Fri Apr 24, 2009 1:03 pm
Posts: 5041
Location: London
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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.
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| Thu Jul 15, 2010 11:15 am |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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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. _________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Thu Jul 15, 2010 3:31 pm |
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