Post by account_disabled on Dec 24, 2023 0:51:58 GMT -5
Aof football clubs in the North East and South East of England following alleged m income tax and national insurance fraud. Londons West Ham Stadium and Newcastles St James Park were among the locations that reported financial records computers and mobile phones seized by HMRC on April. As the raids are part of an ongoing investigation HMRC has only released limited information at this stage. However in January the Public Accounts Committee highlighted a number of concerns about tax avoidance in the football industry. An area that has been the subject of a particular examination is the alleged abusive use of image rights to reduce tax debts. The term image rights refers to a persons individual right to personality the right to prevent unauthorized use of ones name and other personal attributes or distinguishing characteristics.
Current tax rules allow income from image rights to be Country Email List treated as separate streams of income for tax purposes. Members of society whose image has market value have in certain cases constituted an enterprise to receive payments for these rights as opposed to the related income paid directly to the individual. Income generated by such rights may in turn be subject to corporation tax rather than income tax often at the higher rate or more and national insurance. of generating significant tax savings for many highprofile footballers and also employing clubs who are not liable to pay income tax under the PAYE system or National Insurance contributions.
Concerns expressed center on how remuneration was awarded as payments for image rights. Currently the rationale for the raids has not yet been clarified. More details and analysis of this issue will be provided as information becomes available. SOURCE httpwww.lexology.com Leave a reply Your email address will not be published. Mandatory fields are marked with Comment Name Email Site web Save my name email and website in this browser for the next.
Current tax rules allow income from image rights to be Country Email List treated as separate streams of income for tax purposes. Members of society whose image has market value have in certain cases constituted an enterprise to receive payments for these rights as opposed to the related income paid directly to the individual. Income generated by such rights may in turn be subject to corporation tax rather than income tax often at the higher rate or more and national insurance. of generating significant tax savings for many highprofile footballers and also employing clubs who are not liable to pay income tax under the PAYE system or National Insurance contributions.
Concerns expressed center on how remuneration was awarded as payments for image rights. Currently the rationale for the raids has not yet been clarified. More details and analysis of this issue will be provided as information becomes available. SOURCE httpwww.lexology.com Leave a reply Your email address will not be published. Mandatory fields are marked with Comment Name Email Site web Save my name email and website in this browser for the next.