In a bid to ensure that the top foreign athletes, such as Usain Bolt, compete at this summer’s London Grand Prix event – which will take place at the London Olympic Stadium – the Chancellor, George Osborne has granted a tax amnesty to overseas athletes.
Previously, other than competing at the London Olympics last year – where he won three gold medals – Usain Bolt has not competed in the UK since 2009, due to tax rules which would have left him out of pocket.
Under the tax rules, overseas athletes have to pay tax on some of their global earnings, including their multi-million dollar sponsorship deals, and any earnings gained during athletic events held in the UK.
This has previously led to many big names pulling out of the London leg of the Grand Prix, including Bolt. However, following a series of meetings with Lord Coe, the Chancellor has made the decision to offer the “one-off” tax exemption for the Grand Prix, which will mark the one year anniversary of the London Olympics.
Announcing the tax exemption for the London Grand Prix, George Osborne said: “The Government is determined to do everything possible to secure the Olympic legacy and I am delighted to grant this exemption.”
As an accountant in Bristol, Elaine Durrant specialises in offering tax advice, guidance and support to businesses and individuals.