Published: January 27th, 2017 in Budget/Finance News
MPs say the tax system is being abused by the rich. The MPs have singled out sportsmen, in particular footballers, as a problem area that the government and UK tax authorities must tackle.
The Public Accounts Committee implied HMRC are keen to avoid the presumption that there are different rules for the rich. They say tax evasion in the football sector is a real concern and there can be a "misuse" of image rights to help reduce tax bills. Tax rules can allow for monies from image rights to be handled as different revenue streams for tax. Players who think their image has a good market value can setup a separate company to receive income from those rights. The committee revealed 12 clubs, 8 agents and 40+ players are currently being investigated by HMRC.
Read the full article on the BBC website here.