Under UK tax rules, any non-resident athlete is subject to income tax on their appearance fee and any associated worldwide endorsement payments. But the Government waived the rule to attract the best talent to the Olympics and has revealed the tax break will be available for Commonwealth Games competitors and those taking part in the World Championships in London in 2017.
Treasury Secretary Danny Alexander said: "Everyone wants to see the best athletes compete at Glasgow 2014 and this exemption will make that more likely."
Fantasy Bob is not a resident of Glasgow therefore he is pleased that this exemption will mean that he is now able to make himself available for the 2014 event. Of course, like all other elite performers money is not his primary motivation, he is concerned only about performance. Unlike some stars, such as Usain Bolt, he has never missed an athletics meeting in London because of tax laws his advisers believed were too restrictive.
|Too fast to tax|
Commentators have said that it is essential that FB appears at the Commonwealth Games to inspire a generation of children. A spokesperson for the Games said 'There is so much he can show them about eating empire biscuits. It will be an essential part of the legacy.'
Fantasy Bob understands that there has been some confusion as to whether these tax breaks apply in the Ibrox area of Glasgow. Some commentators contend that no tax law was ever intended to apply in this area.