Rugby stars miss out on Bolt tax break
Top foreign rugby players will not receive a “Usain Bolt tax break” during the 2015 World Cup despite the government announcing that non-resident athletes would be exempt from income tax at other major sporting events.
Rugby players competing in the UK-hosted competition, which is projected to bring in more than £2.1bn into the economy, will face a 50% tax on appearance fees and prize money.
HMRC also taxes athletes on a proportion of their global endorsement income, which is calculated by dividing the number of days a foreign athlete spends training and competing in the UK by the total number of days the athlete trains and competes around the world.
According to The Telegraph, the International Rugby Board (IRB), which is expected to net £300m from the event, did not put forward a request to the Department of Culture, Media and Sport to exempt foreign players.
The news comes just days after the Chancellor confirmed in his Budget speech that...