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The Queen Wants Her Money!
By kickntrue on 9/14/10
Playing in the Ryder Cup is a huge honor, so much so that the players aren't paid. Want to know what it costs them?! Her Majesty's Revenue and Customs ("her" would be the queen..?) is the UK's customs and tax people and they want their money!
Even though Ryder Cup players are not paid, the Revenue want a share of the huge endorsement income overseas-based stars like Woods, Phil Mickelson and Padraig Harrington pick up for wearing branded products.

However, they remain free to wear shoes of their choice, and that will make them liable for a tax bill which could add up to more than £10million.

In the case of Woods, that means handing over a share of his current $80m five-year deal with Nike.

An HMRC spokesman said: 'If players are paid for using equipment or clothing at the Ryder Cup then they are liable for tax — even if it is only their shoes.'
The players wear team shirts- so they can't be taxed on that- but if Tiger shows up in Nike shoes- that is part of his endorsement deal- so they figure out some % of his deal with Nike and make him pay on that? BRUTAL. I wonder if Tiger can have Nike make him a pair sans swoosh.

It seems like there has to be a a way around this. Don't rich people spend half their time figuring out ways not to pay taxes? This makes an intriguing story, but I'm assuming somewhere along the line someone had to figure out the right wording in the endorsement contracts so that the players aren't actually paid for WEARING the clothes or shoes, right? I have no clue... just asking, but I have a hard time thinking Tiger will pay hundreds of thousands of dollars in taxes to wear Nike shoes during the Ryder Cup.

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Via GoeffShackelford.com

photo source


[ comments ]
mholding says:
Two things.
1. Her Majesty is The Queen not her ("her" would be the queen..?)
2. Who cares? :-)
9/14/10
 
scottishguyiniowa says:
As someone from the UK living in the States I can understand why paying taxes is such a 'big' issue to some, but don't try to spin the Queen's involvement in this as the HMRC is the equivalent of one of the US' tax services. I'm sure there would be some who would take this article and blame the Queen for it and this is just not true.
9/15/10
 
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