The fastest man in the world says he won’t race in Britain until the tax laws are changed. Usain Bolt, who won three gold medals in the London Olympic Games racing in the 100 m, 200m and 4x100m relay, says the taxes on global sponsorship, endorsement earnings and appearance fees are too high and he’s staying until they’re lowered.
The tax structure imposed by Her Majesty’s Revenue and Customs (HMRC) in Great Britain has three levels; those who make less than 34,370£ ($53, 961) yearly pay 20%; those who make between 34,370 and 150,000£ ($235,500) pay 40%, and those who make more than 150,000£ yearly pay a whopping 50% of their earnings to taxes.
Bolt, who makes an estimated £12.7 million ($20 million) a year, was adamant but polite in forcing the issue: “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."
Bolt had threatened not to run in the Olympics unless the government gave tax amnesty for competitors, which they did. He had skipped the 2010 Aviva London Grand Prix for the same reason, running in Paris instead, for which he was paid $250,000.
http://www.breitbart.com/Big-Peace/2012/08/15/Usain-Bolt-wont-run
The tax structure imposed by Her Majesty’s Revenue and Customs (HMRC) in Great Britain has three levels; those who make less than 34,370£ ($53, 961) yearly pay 20%; those who make between 34,370 and 150,000£ ($235,500) pay 40%, and those who make more than 150,000£ yearly pay a whopping 50% of their earnings to taxes.
Bolt, who makes an estimated £12.7 million ($20 million) a year, was adamant but polite in forcing the issue: “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."
Bolt had threatened not to run in the Olympics unless the government gave tax amnesty for competitors, which they did. He had skipped the 2010 Aviva London Grand Prix for the same reason, running in Paris instead, for which he was paid $250,000.
http://www.breitbart.com/Big-Peace/2012/08/15/Usain-Bolt-wont-run