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Taxation

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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the decision but they need to come up with all the money they owe HM Revenue and Customs to get the winding up order rescinded.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.