The tax
loop that
could save
footballers a
fortune
Football is a beautiful game indeed; maybe not very often can it be referred
to as that whilst watching my local team Heart of Midlothian, but no matter
which club someone supports, itʼs a game we as a nation are obsessed with.
People in their later years will have fond memories of the days when their local
heroes were paid little more than a well paid working wage. The advent of
television and celebrity idols like George Best saw an inevitable progression of
salaries that would mean good professional footballers became not only adored on
the terracing but also had bulging bank accounts.
The rising trend of higher pay has reached a level that has alienated many
traditional football fans. An average Premiership squad player can expect to earn
no less than £20,000 per week; a top star might earn £100,000. It may be argued
that it is the players who should reap the bulk of the vast sums of money involved
in football but what is harder to find justifiable is the news that star players are
planning to dodge the new 50p income tax rate.
By taking their seven figure incomes as interest free loans as opposed to
salary, millionaire players could initially pay as little as 2.5% tax on some of
their earnings. Such a tax dodging scheme is being devised to stop an exodus
of top players leave what has become the worldʼs richest league.
Accountants Baker Tilly, who advise 40 of the premiershipsʼ highest earners
conceded that some foreign players were researching what their net pay would
be in a less affluent league that had a lower top rate of tax.
Whilst the likes of Drogba and Torres give a sparkle to English football, we
should consider that if millionaire footballers from abroad have become so
mercenary that they would play in lesser leagues for more net pay, then their
loss may not be entirely negative. And if the lure of more money in another
country proves too strong to resist, then some home grown talent would have
CHEAP T
axi
a stronger change to flourish, allowing for a league with more national identity
with less multi millionaires playing in it
Insur
ance!
Ricky Steedman
Tax Consultant TAXI
● up to 65% introductory
no claims bonus
Issue 190 July 2009
Issue 186
June 2009
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