Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

HMRC Raises Concern Over Image Rights

Thu 8th Dec 2016 | Money & Finance

Image rights pose a significant risk to football according to HMRC chief executive, Jon Thompson.

Thompson’s warning comes after it emerged Manchester United manager, Jose Mourinho and Real Madrid star, Cristiano Ronaldo could be investigated for their use of offshore companies to reduce tax bills, claims their agent, Jorge Mendes strongly denies.

It’s also understood that up to 43 players, 8 agents and 12 clubs were also under investigation by officials from HMRC with a dedicated team looking at image rights in football, other sports, and across the entertainment industry.

The HMRC's head of enforcement, Jennie Grainger told the Commons Public Accounts Committee (PAC): "Just on football itself, in the last two years, that team, and wider across HMRC, has brought in £158m in yield."

In order to set up an image rights company for a player, it must be clear that the individual has an image that has a value to sponsors. 

Some footballers and entertainers have income from image rights paid into offshore accounts without tax deducted. 

HMRC is investigating whether separate image rights earnings from earnings as players are genuine.

"Has it been properly transferred?” said Grainger. “Has it been transferred for a fair value? Should there be income coming back to the UK depending on their residency status? All of those issues can be part of this.”

Posted by: Aaron Gourley 

RETURN TO LATEST NEWS SECTION
SUBSCRIBE TO THE FCBUSINESS RSS FEED
 
If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk

To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Mats Hummels Joins Juan Mata For Common Goal

Thu 17th Aug 2017 | Money & Finance

Bayern Munich and Manchester United stars unite behind Common Goal #CommonGoal World Cup winner and Bayern Munich player Mats Hummels has become the second footballer to join Common Goal , pledging 1%...

Aldershot Town Gets Financial Support From Council

Tue 15th Aug 2017 | Money & Finance

Aldershot Town Football Club has confirmed that Rushmoor Borough Council has agreed to a package of financial support for the club, including rent and rates relief, until 2021. Following on-field...

Chinese debts emphasize need for local players’ association

Thu 27th Jul 2017 | Money & Finance

FIFPro is ready to offer assistance to professional footballers in China and other parts of the world where local player associations do not yet exist. Media reports this week revealed several Chinese...

SPFL: No fresh tax scheme sanctions against Rangers

Wed 26th Jul 2017 | Money & Finance

The SPFL Board today announced, following legal advice from eminent Senior Counsel, Gerry Moynihan Q.C., that there will be no further disciplinary proceedings taken by the SPFL connected with the use...