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By (user no longer on site) OP
over a year ago
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Should she pay any tax or will it get squirreled away in an off shore bank account like the tory pie scoffers while those struggle along pay more tax? |
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By (user no longer on site)
over a year ago
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"Should she pay any tax or will it get squirreled away in an off shore bank account like the tory pie scoffers while those struggle along pay more tax? "
She will have to pay U.S. taxes in addition to U.K. taxes. Her agent, coaches, and everyone that works for her will also get their cut.
The prize money she earns will be nothing compared to endorsement deals she signs in the next few weeks. |
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"Should she pay any tax or will it get squirreled away in an off shore bank account like the tory pie scoffers while those struggle along pay more tax?
She will have to pay U.S. taxes in addition to U.K. taxes. Her agent, coaches, and everyone that works for her will also get their cut.
The prize money she earns will be nothing compared to endorsement deals she signs in the next few weeks."
You cannot be double taxed on the same income. She will either pay tax in the UK or pay tax in America, depending on where she is registered to pay tax (unless of course she is registered to pay tax in an entirely different country). If their is a double taxation clause between the two countries then you may have to make a “top up” payment to balance the different tax rates between the countries. That’s why people get paid into tax havens, (which don’t have double taxation rules) which I am not suggesting she does |
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Compared to the amount of tax I was contributing at 18 I expect she'll be doing her bit and then some.
Those darn 18 year old A level student, fluent mandarin speaking, tennis stars earning from their talent. It shouldn't be allowed I tell you  |
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She'll pay tax on it wherever she's registered for tax purposes (which is the UK by default).
The prize money isn't all her income - she will have lots of expenses to pay out of it for management, coaching, travel and all the other stuff that we're not aware of as non-professional sports people.
But fucking hell, she deserves it after that performance! |
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By (user no longer on site)
over a year ago
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"She will probably end up living in the tax haven of Monaco, home to most of the F1 drivers."
Cant blame them, when the politicians waste taxpayers money on wars, vanity projects and contracts for their friends. |
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"Compared to the amount of tax I was contributing at 18 I expect she'll be doing her bit and then some.
Those darn 18 year old A level student, fluent mandarin speaking, tennis stars earning from their talent. It shouldn't be allowed I tell you "
Agreed! If "where does she pay tax" is the biggest thing jumping out at a person after Ms Radacanu's recent success, then something is very wrong!
She will have a team of advisers (including, I'd imagine, an accountant) to ensure she does everything correctly. Although having studied Economics, I'm sure she has a good understanding herself. |
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