Olympic champion Usain Bolt has vowed not to run again in the UK until income tax rules are changed.The Jamaican runner objects to UK tax rules which mean that he is taxed at the higher 50 per cent rate on sponsorship and endorsement income as well as appearance fees when he is in the UK.The 25-year-old is said to earn as much as £12.7 million per year. Before the Olympics this summer, he had not raced in the UK for three years. Speaking after winning the 100-metre relay recently, he said, “As soon as the law changes I'll be here all the time. I love being here, I have so many Jamaican fans here and it's wonderful."Mike Fleming, Tax Director at Straughans Chartered Accountants, said Bolt’s comments are significant. He said, “Usain Bolt’s announcement has thrown a spanner in the works which could threaten to derail our chances of attracting international sports stars to UK events.”He added, “Far from writing the UK’s name in lights as the ultimate host nation, Bolt’s parting shot could result in a much less appealing legacy. Unless tax legislation changes, other sporting superstars may decide to follow Bolt’s example and the UK may be unable to host sporting events of this calibre in future.”
http://www.50percenttax.co.uk/index/2012/8/22/usain-bolt-slams-uk-tax-laws.html
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