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UNITED KINGDOM: HMRC published tax rules for sale of Olympic Torches

UNITED KINGDOM: HMRC published tax rules for sale of Olympic Torches   It has been reported that carriers of an Olympic Torch have been selling their Torches at considerable prices (for instance through e-bay). The torches, can be bought by bearers for a discounted £215, were intended as a nostalgic keepsake for runners. Many of the runners had been given their torches free of charge by sponsoring companies. Some Torches showed up for sale online within hours of the flame’s arrival in Britain.   The UK tax authorities (HM Revenue & Customs, hereafter HMRC) have stated that if the torch is sold for less than GBP 6,000 no capital gains tax will be levied, and that if the torch is sold for over GBP 6,000 capital gains tax will be due at 18 or 28% (depending on the size of the individuals capital gain realised during tax year).     Source: http://www.hmrc.gov.uk/news/olympic-torch.htm
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The unique feature of Global Sports Law and Taxation Reports is that this Journal combines for the first time up to-date valuable and must-have information on the legal and tax aspects of sport and their interrelationships.

The Editors

The editors of  the Journal Sports Law & Taxation are Professor Ian Blackshaw and Dr Rijkele Betten, with specialist contributions from the world's leading practitioners and academics in the sports law and taxation fields.

The Editors

Managing editor
Dr. Rijkele Betten

Consulting editor
Prof. Dr. Ian S. Blackshaw

Editorial board

Prof. Guglielmo Maisto
Maisto e Associati, Milano

Dr. Dick Molenaar
All Arts Tax Advisors, Rotterdam

 

Mr. Kevin Offer
Hardwick & Morris LLP, London

Mr. Mario Tenore
Maisto e Associati, Milano

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