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01 July, 2011
HM Revenue & Customs has announced that overseas Olympic competitors will benefit from tax exemptions form money earned during the summer next year. The HMRC has said that exemption will apply to any payments between 30 March 2012 and 8 November 2012, and any bonus or payment from an existing endorsement contract that is specifically related to the Games will be exempt.
HMRC has also said that any payments not connected to the Games during this period will not be exempt, and that payments from contracts signed or amendments made after 25 July 2012 for Olympic athletes (29 August for Paralympic athletes) would be taxed.
Normally non-resident sportsmen would be liable for income tax on payments directly related to performance, sponsorship, endorsement or television appearances when they perform in the UK.
A spokesman for the HMRC said that the HMRC has published clear guidance online about the conditions of the exemption, to ensure that those who are exempt know about it, and that those who need to pay are aware of their tax obligations. The exemption ensures that those coming to the UK to compete in the Games do not pay UK tax on any income arising from the games.
The HMRC has also set up a special helpline for those eligible for the exemption to ask any questions.