Commonwealth Games Athletes get Income Tax Exemption
It has been announced that athletes who come to the UK to compete in the Commonwealth games will be exempt from income tax. The UK’s income tax system for visiting international athletes has previously received high-profile criticism, including from fastest living man Usain Bolt.
The current system sees income tax levied from the appearance fees and earnings from sponsorship and endorsement that international athletes receive while competing in the UK. Quirks of the system have seen some athletes owing more in tax than they have earned. Some suspect that the move to make athletes at the approaching Commonwealth Games exempt may pave the way for the taxes to be scrapped entirely.
The Commonwealth Games are due to be held in Glasgow. International competitors at the same city’s upcoming Grand Prix will benefit from the same exemption. The chancellor has said that the move will help the UK draw maximum benefit from the events.