Back Tax Axes Bolt from London meet

[Don1]

Usain Bolt snubs London meeting over tax laws
Usain Bolt


Triple Olympic champion Usain Bolt has announced he will not compete at August's Aviva London Grand Prix because of Britain's tax laws.

The 100m and 200m world record holder may not now compete in the UK again until the 2012 Olympics.

New regulations mean the 23-year-old Jamaican could lose more money than he would earn from competing at the Crystal Palace Diamond League event.

"I am definitely not going to run [in London]," Bolt told a news conference.

Crystal Palace organisers had hoped to stage a three-way showdown between Bolt and his sprint rivals Asafa Powell and Tyson Gay.

Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings - which for Bolt, who earns millions from endorsements, could be hugely costly.

HM Revenue & Customs won a case in 2006 brought by tennis star Andre Agassi. It successfully argued that as well as the prize money he accrued, a proportion of Agassi's worldwide sponsorship income was also earned during his time in the UK and was therefore taxable.

HMRC bases its tax charge on the number of UK events athletes compete in. For example, if Bolt were to take part in 10 meetings worldwide, with one in the UK, the HMRC could tax him on one-10th of his worldwide earnings.

The UK's tax laws have proved a handicap to the country's chances of hosting events. Uefa admitted in 2008 that Wembley missed out on the 2010 Champions League final for that very reason.

The Government has since agreed to waive the rule so London can host the 2011 final, and competitors in the 2012 Olympics are also exempt.

Golfer Sergio Garcia has admitted in the past that he limits his appearances in the UK because of tax laws.

[Islandman]

This is a great example of how ridiculously high tax rates can reduce tax revenues instead of increasing them.


Not running in that event is a no brainer for Bolt. But didn't he run in Manchester last year?

[Willi]

The rules changed THIS year!

[Islandman]

OK, mek sense now.

Dem must lick dem head or something.

[Gamma]

recession did reach dem!

[Hortical]

sports minister offers tax help

Britain's sports minister offers tax help to Usain Bolt



Bolt outshines rivals at Diamond League meeting in Lausanne

Britain's sports minister has offered to help Usain Bolt sort out the tax issues stopping the Jamaican sprinter from competing in London in August.
Triple Olympic champion Bolt, 23, had been due to run at the Diamond League meeting at Crystal Palace.
But he pulled out on Monday, citing Britain's prohibitive tax laws.
"If there is a particular problem [with Bolt] I'm happy to look at it and see if I can help," Sports Minister Hugh Robertson told BBC Radio.
"I've not had a direct approach from either the sport's governing body [UK Athletics] or the promoters of the Crystal Palace meeting [Fast Track] so I don't know exactly what we are dealing with here.
"It is a problem we have come across and addressed with other sports and clearly if they write to me I will take it up with the treasury.
"Golfers and tennis players have come to me, and I'm pretty sure that at the back end of the 2012 Olympic bill is a commitment not to tax overseas stars who come over to compete in the Olympics."
Robertson, however, added that it might be too late to prevent the 100m and 200m world record holder from taking on rivals Asafa Powell and Tyson Gay at the south London venue.
"I will see what I can do. Three weeks doesn't give us a whole lot of time to organise a tax concession," the sports minister stated.
Athletes competing in the UK are liable for a 50% tax rate on their appearance fee as well as a proportion of their total worldwide earnings - which for Bolt, who earns millions from endorsements, could be hugely costly.

[Gamma]

more importantly, his advisors seem to be doing some work on his behalf.

[Islandman]

Heh heh. When you large, you looooooge!

Gwan go work pon dat and come back to the big man yes.

[Mosiah]

Look like some countries learning more from Audley than just the JDX!

[Don1]

yuh nuh easy atall....