Usain Bolt refuses to race in UK due to tax laws
Usain Bolt, triple gold medalist at this year’s London Olympics, announced that he will not compete in the United Kingdom until their current tax laws are changed. Bolt objects the country’s tax laws that enable to country to tax global sponsorship and endorsement earnings as well as appearance fees. Prior to the Olympics, Bolt has not raced in the UK for three years, and only agreed to run in London due to a tax amnesty for competitors. The Telegraph reports:
The sprinter, who won gold medals in the 100m, 200m and 4x100m relay at the Games in London, objects to a law that sees him taxed on global sponsorship and endorsement earnings as well as any appearance fee – levied at the 50pc higher earning rate – when he competes in Britain.
And despite setting a new world record during the Olympics, the 25 year-old, who earns an estimated $20m (£12.7m) a year, says his UK-based fans won’t see him compete until the tax laws are loosened
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