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Taxation

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Former Arsenal director's big tax saving

In 2011 Lady Nina Bracewell-Smith sold her 15.9 per cent stake in Arsenal to Stan Kroenke for £116m. She had been the third biggest shareholder in the club.

Her husband is the son of the former Arsenal director Sir Guy Bracewell-Smith who was on the club's board of directors from 1953 to 1976.   His father, Sir Bracewell Smith, was the club chairman from 1949-62 in the days when grandees rather than wealthy foreigners graced the boards of élite clubs such as Arsenal, its quality eptiomised by the marble halls of Highbury.

Cardiff given final tax bill deadline

Cardiff City have been given a final deadline of 5 May, three days after the end of the season, to settle their debts to the taxman,  The club faced their third winding-up order yesterday over a £1.9m debt to Revenue and Customs.   For HMRC Matthew Smith argued that the club should be wound up immediately as it was 'plainly insolvent'.   Half of the remaining £1.7m was paid on Tuesday, but the HMRC counsel said that this was onl

Taxman loses patience with football

As has been evident for some time, the taxman has been losing patience with football and has not been allowing clubs to run up big PAYE bills but is asking them to pay promptly like other taxpayers.   This is not surprising when one considers that HM Revenue and Customs has lost an estimated £30m from clubs going into administration and failing to pay all the tax they owe.  

Tax Crackdown on Football Clubs

We have been talking for a few weeks on this page about a tougher stance by Revenue and Customs towards football clubs who do not pay their tax debts (which is at the expense of taxpayers in general). It's pleasing to see that the Financial Times has now picked up on the story and has produced a report that exhibits the thoroughness and balance that is characteristic of the Pink 'Un.

Hyde United On Edge of Abyss

Blue Square North outfit Hyde United face liquidation tomorrow. On Wednesday Hyde were wound up by the High Court with debts of £123,000. The gates of their Ewen Fields ground have been padlocked shut with the insurance on the stadium now invalid. They have got seven days to appeal the decision but they need to come up with all the money they owe HM Revenue and Customs to get the winding up order rescinded. Hyde United have collected £67,000 and the local council have pledged £23,000 in sponsorship, but when legal costs are added in, that leaves them £35,000 short.

Footballers To Strike Back Against 50p Tax Rate

Premiership clubs are braced for a wave of pay demands from star players in anticipation of the new 50p tax rate on higher earners. Figures from HSBC Private Bank and tax experts Saffery Champness suggest that, if most Premiership players are in the £50,000-£70,000 a week bracket, players at the top end of the range face a £330,000 increase in their tax bills to £1.7m from next year. Manchester United's Christiano Ronaldo is reputedly paid £125,000 a week.

Wenger Hits Out At Tax Changes

Arsenal manager Arsene Wenger has said that the era of foreign domination in the Premiership will 'soon be over' due to the declining value of the pound, which makes transfer fees more expensive, and the imposition in last week's Budget of a 50 per cent tax rate on high earners. All Premiership players fall into the £150,000-a-year bracket subject to the highest tax band and Wenger believes this will lead to an exodus of foreign players this month. They could end up paying an extra 16 per cent in tax when one takes account of the elimination of personal allowances for higher earners.