Reply to: I dont think even Bolt will change the Tax!

[TheFaQQer]

This is plainly ridiculous. Imagine applying to contractors. You do a 9 monther in Germany and a 1 monther in England. We want to tax half your earnings!

Stupidly thought out.

That's not what the legislation says.

The legislation is that you are taxed on the amount of money you earn while you are in the UK. Simples.

[lilelvis2000]

Can't really blame Labour anymore now. Or can we?

[Mich the Tester]

Given that the Olympics is on an "amateur" basis (i.e. no payments), so doesn't form part of his "occupation", it would be harder to justify including it - not that that has ever stopped HMRC though.

I would have thought that it would be a condition of bidding for the Olympics means you agree not to tax the competitors.

I think they're trying to get a percentage of all the earnings; their position is that while he's in the UK his earnings from endorsements, adverts etc continue and will be taxed.

Thing is, in the past they'd have done this by time, i.e. spend one day in the UK and you pay on 1/365 of your total income. But now they've changed it to number of competitive events, so if he runs 10 meets per year, he'll pay tax on 1/10 of his income.

[centurian]

The government are waiving the rule for the 2011 uefa cup final, so might still waive it for the Olympics.

Given that the Olympics is on an "amateur" basis (i.e. no payments), so doesn't form part of his "occupation", it would be harder to justify including it - not that that has ever stopped HMRC though.

I would have thought that it would be a condition of bidding for the Olympics means you agree not to tax the competitors.

[Mich the Tester]

That is an interesting point. So, who fancies approaching all these foreign sports stars and acting as "no win, no fee" challenge against the government!?

Andre Agassi tried it in 2006 and lost. Really, for any top athlete it's much easier to just avoid Britain, with the exception of the Olympics. The government are waiving the rule for the 2011 uefa cup final, so might still waive it for the Olympics.

Really stupid piece of legislation. An athlete like Bolt works through agents in the countries where he runs; the agents' companies pay tax on the revenues and fees, so HM government would be minting it if he turns up, even without him paying any tax personally. With this construction, he just won't turn up, so revenues will be down.

[lilelvis2000]

Considering the very short careers of athletes this really is crap isn't it?

[Spacecadet]

Its crap like this that makes me actually want to celebrate independance day.
Yanks had it right all along, screw the British and their taxes

[xoggoth]

Who can blame him? Taxed on worldwide earnings based on proportion of events in Britain? Those rules are not just totally unreasonable, they are well into the realms of insane.

[MarillionFan]

This is plainly ridiculous. Imagine applying to contractors. You do a 9 monther in Germany and a 1 monther in England. We want to tax half your earnings!

Stupidly thought out.

[ads1980]

Just a thought though; did this not affect Wimbledon or the British Grand Prix, and if not, why not?

That is an interesting point. So, who fancies approaching all these foreign sports stars and acting as "no win, no fee" challenge against the government!?

[Mich the Tester]

Just reading this London 2012 Olympics: Usain Bolt set to shun Britain over punitive tax rules - Telegraph

Just another example of People being taxed out of the country!

It would be interesting to see someone test the legality of this measure. However, I think Mr Bolt has more important things to do, and that's the problem. Nobody who's caught out by this can be bothered going to court and spending time and money on this if they can just perform elsewhere and avoid it.

Just a thought though; did this not affect Wimbledon or the British Grand Prix, and if not, why not?

[SupremeSpod]

So what if he turns up, trips over and doesn't win any prize money - he still has to pay tax on overseas money.

We'll be taxing foreign tourists on their overseas earnings next.

That's what happens when you go to Dubai.

"No Income Tax" != "No tax at all"

If you buy something there's 20% tax on it.

As an aside, which Government permitted this legislation?

[centurian]

So what if he turns up, trips over and doesn't win any prize money - he still has to pay tax on overseas money.

We'll be taxing foreign tourists on their overseas earnings next.

[ads1980]

Not your fault ads - but I love the way the headline makes it seem like Mr Bolt is boycotting the 2012 Olympics......

Other than that the story is a goodun!

I must admit, that headline drew me in! It is a disgrace though about the facts behind the taxing on money that has been earned in other countries!

[Drewster]

Just reading this London 2012 Olympics: Usain Bolt set to shun Britain over punitive tax rules - Telegraph

Just another example of People being taxed out of the country!

Not your fault ads - but I love the way the headline makes it seem like Mr Bolt is boycotting the 2012 Olympics......

Other than that the story is a goodun!