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The efficacy of tax exemptions for UK sporting events featuring non-resident athletes
KEY POINTS
- The provision to give tax exemptions for sporting events is contained in FA 2014 s 48.
- The new legislation fails to address the problem of how to tax overseas sportsmen’s endorsement income.
- Between 1987 and 1999 a service element of endorsement income was taxable according to the number of days spent in the UK.
- HMRC changed this practice so that all the income including image rights was subject to apportionment.
- Given the small amount of tax at stake why not exclude all endorsement income of non-UK resident athletes?
The power to provide tax exemptions for major sporting events was introduced in FA 2014 s 48 and indicates that there is still high-level support for attracting major sporting events to the UK.
Importantly it...
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