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Britain relaxes tax rules to lure Bolt, top athletes
2013-02-08 14:29:39 | (0 Comments)
Jamaican sprint legend Usain Bolt and other overseas athletes will be able to compete tax-free at this year's London Diamond League event after the British government agreed to tax exemptions.
Olympic gold medallist Usain Bolt - file photo.
Bolt, who won three gold medals at last year's London Olympic Games, had not raced previously in the United Kingdom since 2009 because of tax rules.
Finance Minister George Osborne says the Government is determined to do everything possible to secure the Olympic legacy by offering the tax exemption.
Under British law, non-residents are required to pay a 50 per cent tax rate on their appearance fee, and also give 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.
Despite Osborne's intervention, Bolt has yet to confirm his attendance at the London Diamond league event.
The games have been switched from its traditional Crystal Palace home to the Olympic Stadium to mark its first anniversary on July 27.
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Source: The Gleaner/Power 106 News
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