« New Prime Minister Agrees to Look at the Possibility of Lowering Corporation Tax for Northern Irelan | Main | New Prime Minister Agrees to Look at the Possibility of Lowering Corporation Tax for Northern Irelan »

More Football Clubs Start Taking Advantage of Being Based Offshore

I have been reading the papers and watching the news a lot in recent months, and one thing I have noticed is that stories about non doms and tax haven status have been cropping up more frequently than ever.  Perhaps the General Election and the various policies being touted by each party had a lot to do with that.

But now an investigation has been performed which has revealed shocking statistics about Premier League football clubs.  According to the report nearly 75% of all clubs in the Premier League are based in tax havens, rather than being based in this country.

I would have suspected some of them were to take advantage of the tax benefits.  But I was amazed to see the figure was so high.  Apparently it has shocked HMRC as well, because they have announced they are looking into the situation to see what they can do about it.  If a club is owned by foreign interests that is one thing.  But some are British owned and this could be where the problems begin.

It would certainly appear that the club owners are at loggerheads with HMRC over several aspects of the tax haven status.  Payments have been questioned by HMRC on a regular basis, as they want to be sure everything that should be taxed is.  In addition the clubs are trying to get the best value for money by investing in teams without having to pay huge amounts of tax on income in the process.

Tax laws are always quite complicated, which is why the team here at St Matthew always advocate using a professional accountant.  If you need such services, contact us now for advice.


PrintView Printer Friendly Version

EmailEmail Article to Friend

References (1)

References allow you to track sources for this article, as well as articles that were written in response to this article.

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>