Sport
British Govt reduces tax burden on Usain Bolt and other elite athletes
Jamaican sprinter., Usain Bolt. PHOTO/File
(CMC) – The British government on Thursday announced it would relax stiff income tax rules for the 2014 Commonwealth Games, a move that could lure Jamaican sprint sensation Usain Bolt and a host of top tier athlete to the Glasgow showpiece.
Under British law, non-residents are required to pay a 50 percent tax rate on their appearance fee and also cough up a quantity of their worldwide endorsement income.
The regulation has forced Bolt, the reigning Olympic 100 and 200 metres champion, to opt out of the London Aviva Grand Prix for the last two years.
“With six months tomorrow to go until London 2012 I’m pleased to announce this special exemption for Glasgow 2014 which will prolong the Olympic legacy and help spread the long-term benefits into Scotland,” said Chief Secretary to the Treasury, Danny Alexander.
“Everyone wants to see the best athletes compete at Glasgow 2014 and this exemption will make that more likely. Seeing the Sir Chris Hoy Velodrome, it’s clear that Glasgow will be an outstanding venue for the Commonwealth Games which showcases the best of UK and international sporting talent.”
Glasgow 2014 chairman Lord Smith hailed the UK government’s new initiative, pointing out it would now make the Games appealing to the world’s best athletes, including the galaxy of Jamaican sprinters currently on the international stage.
Of recent, the Commonwealth Games have failed to attract elite athletes as they have opted for the brighter lights of the World Championship and the Olympics.
