The Lawn Tennis Association (LTA) Chief Executive, Roger Draper has welcomed today’s Budget announcement amending the rules on foreign players’ taxation on global sponsorship earnings.
Roger Draper said: “I am pleased that the Government, like us, recognises that the existing rules on endorsement tax pose a serious risk to the status and growth of our major sporting events, and I welcome the decision to include this in the Budget. We will study this change in more detail, but I would like to thank the Government, and particularly the Sports Minister, Hugh Robertson MP and David Gauke MP, Treasury Minister, for taking the time to listen to our concerns, and also the AELTC and the ATP for working with us to find a resolution.”
The taxation of foreign tennis players’ endorsements has been a growing concern over recent years as it discourages foreign sports stars from participating in UK sports events.
Today’s Budget says that training days will now be included when the HMRC considers the proportion of global endorsements to tax.
This means that the UK should be more competitive in attracting the top tennis players to come and play here. Having a world class player field is crucial to successful sports events, which inspires more people to play our sport, generates investment for British tennis, and provides a boost to the national and local economies.