Is there something immoral about this ;-)

[BenDover]

The Great Olympic tax swindle | Blog | False Economy

[Clare@InTouch]

Surely the sponsors had to pay a massive amount to be sponsors though? Did they avoid £1m in tax but have to pay £2m to be a sponsor for example?

[northernladuk]

There was always going to be backhanders and crap like this going on with so much money at stake. I don't like it but it was going to happen. What bothers me more is that they estimate 2% of athletes will disappear before their visas expire in 2 months. The Conglese boxing team and another African boxing team have already dropped off the radar. I will be seriously pissed off if they don't deal with this quick and hard.

[BenDover]

Surely the sponsors had to pay a massive amount to be sponsors though? Did they avoid £1m in tax but have to pay £2m to be a sponsor for example?

I have no answer to that but the point I am trying to raise is that, why should the UK have to offer a tax break in order for them to ensure a successful bid? Not only that but they are about to offer the very same for the 2014 Commonwealth games?

[BenDover]

There was always going to be backhanders and crap like this going on with so much money at stake. I don't like it but it was going to happen. What bothers me more is that they estimate 2% of athletes will disappear before their visas expire in 2 months. The Conglese boxing team and another African boxing team have already dropped off the radar. I will be seriously pissed off if they don't deal with this quick and hard.

They may as well look for the other 500,000 of them whilst they are at it

[geoff from contracta IOM]

Surely the sponsors had to pay a massive amount to be sponsors though? Did they avoid £1m in tax but have to pay £2m to be a sponsor for example?

But the 2m would be deductible as an operating expense so they get double the benefit !

[Nathan SJD Accountancy]

I have no answer to that but the point I am trying to raise is that, why should the UK have to offer a tax break in order for them to ensure a successful bid? Not only that but they are about to offer the very same for the 2014 Commonwealth games?

Hmmm... If I had to guess, maybe its 'common practice' when bidding to give tax breaks.

[BenDover]

Hmmm... If I had to guess, maybe its 'common practice' when bidding to give tax breaks.

Does this mean the IOC are using tax avoidance? Is that not "Morally repugnant?"

[captainham]

Hmmm... If I had to guess, maybe its 'common practice' when bidding to give tax breaks.

Not so much 'common practice' but more a case of "The IOC insists on it". You want to bid, you need to offer tax breaks.

Sponsors urged to waive Olympic tax breaks worth tens of millions - Other events - Olympics - The Independent

(Paragraph 6)

[Nathan SJD Accountancy]

Not so much 'common practice' but more a case of "The IOC insists on it". You want to bid, you need to offer tax breaks.

Sponsors urged to waive Olympic tax breaks worth tens of millions - Other events - Olympics - The Independent

(Paragraph 6)

One rule for one.... 'HMRC said British taxpayers were not losing out because London would not have won the bid to host the Games without meeting the committee's demands.'

Its is madness how they justify it.