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Government to provide tax exemption for the Glasgow Grand Prix.
The government has announced it will provide a one-off income tax exemption for international athletes at the Sainsbury’s Glasgow Grand Prix, to be held from 11 to 12 July at Hampden Park, Glasgow.
Part of the IAAF Diamond League – an annual series of athletics meetings taking place internationally – the Sainsbury’s Glasgow Grand Prix will take place in Scotland for the first time this year.
The change of location is to coincide with the Commonwealth Games and will see Scotland play host to some of the world’s best athletes, who will compete in Scotland twice this summer.
In a departure from the usual format, the Glasgow Grand Prix will be held over two days and will also see para-athletes competing.
Demonstrating the government’s commitment to the Olympic legacy, the Glasgow Grand Prix will support the Commonwealth Games in bringing world class sports to Scotland and will maximise the benefits the Games will bring to Scotland and the UK more widely.
Chancellor of the Exchequer, George Osborne, said:
I want to do everything to help make this summer a summer of sporting success in Scotland. Not only is the great city of Glasgow hosting the Commonwealth Games, but also the Glasgow Grand Prix as well - and the UK government will do its part to make sure both are great sporting events.
The tax exemption the Treasury is announcing will extend the cultural and economic contribution that the Games will bring. It will also ensure Scotland continues to attract the highest standard of athletes.
Chief Secretary to the Treasury, Danny Alexander, added:
While athletes for England, Scotland, Wales and Northern Ireland will compete with one another at the Commonwealth Games, the whole of the United Kingdom wants Glasgow 2014 to be a great success. By offering this additional tax break, we hope to ensure that the best athletes will come to Glasgow this summer for both this event and the Games itself.
Lord Smith of Kelvin, Chairman of Glasgow 2014 said:
Having this Grand Prix event in Glasgow and Scotland for the first time provides an international showcase for Hampden Park, Scotland’s national stadium, our Commonwealth Games venue for Athletics – as well as the great global athletes who will come to compete.
Glasgow 2014 warmly welcomes this positive contribution from UK government which will play a key role in maximising opportunities to engage the Commonwealth’s elite international athletes in what will be an exciting build-up to the Glasgow 2014 Commonwealth Games, the UK’s next big sporting event.
The one-off exemption will apply to all non-UK resident accredited competitors in the event to encourage more world-class international athletes to compete in the event, and has been granted on an exceptional basis.
It will not apply to any officials, sponsors, coaching staff or UK resident athletes who will continue to be liable to UK tax on any income which is related to their participation in the event. The exemption will not cover any other taxes such as corporation tax or VAT.
As announced in January 2012, a similar income tax exemption will also be provided for accredited competitors in the 2014 Glasgow Commonwealth Games, which is intended to help spread the Olympic legacy into Scotland and encourage top athletes to compete at the Commonwealth Games.
Image by Sandeep Sajjala on Flickr. Used under creative commons.