Football stars face a tax bill crackdown

Football stars face a tax bill crackdown

first_img KCS-content Sunday 16 January 2011 10:19 pm Show Comments ▼ Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Football stars face a tax bill crackdown center_img whatsapp whatsapp ENGLAND footballer Wayne Rooney is amongst Premier League stars under scrutiny from tax inspectors for avoiding thousands of pounds in tax.A crackdown on more than 50 players was sparked after HM Revenue & Customs found some stars had been using complex legal loopholes and accountants to legally avoid paying the 50 per cent top rate of tax.The footballers evaded the 50 per cent higher tax bracket by setting up companies for lucrative image rights royalties to be paid into, before taking out loans from them that carry a 28 per cent corporation tax rate.Manchester United star Rooney paid as little as two per cent on a loan taken out from his image rights company, saving him almost £600,000. The HMRC crackdown is part of a long history of fraught relations between highly paid footballers and the taxman.In 2005, Arsenal was forced to pay nearly £12m in tax after it set up a series of front companies and offshore trusts to reward its stars.A Revenue and Customs spokesman said: “HMRC are well aware of attempts to use image rights as well as other schemes to avoid the 50p rate of tax.“The taxation of image rights is a complex area, where the tax treatment will very much depend on the facts of the particular case.“The Government has made an additional £900m available to HMRC to ensure the tax rules are respected across the board.” More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com Tags: NULLlast_img


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