The 2023/24 season of the UEFA Champions League has been an exciting one. The competition started with 32 teams, has now two finalists, Real Madrid and Borussia Dortmund are set to face off in the final to be held on 1 June 2024 at the Wembley Stadium in London.
If you think the 2024 UEFA Champions League Final is the pinnacle of excitement at Wembley Stadium this Saturday evening, prepare to be pleasantly surprised. There is some interesting news that might rival the big game.
Under the Major Sporting Events (Income Tax Exemption) Regulations 2024, certain individuals enjoy a tax-free income on income earned in the UK from activities in connection with the Champions League Final between 28 May and 1 June 2024. This unexpected financial boost could make your week even more interesting!
What is Exempt?
The exemption applies to income earned from involvement in the 2024 UEFA Champions League Final. The income must be generated between 28 May and 1 June 2024 and must be related to their accredit involvement in the Finals or pertain to the overseas part of a split year during the exemption period. The exemption covers:
- Income earned from duties or services performed in the UK between 28 May and 1 June 2024 in connection with the Champions League Final
- Income earned in the specific accredited role for which the individual has been recognised
Who is Exempt?
The Income Tax exemption is provided to non-resident individuals accredited by UEFA for the game. However, the exemption does not extend to their family members or relatives. According to HMRC's policy paper, the exemption is expected to affect an estimated 600 non-residents who are directly participating in or otherwise involved with the Final game.
The regulation defines an 'accredited person' as any individual who has been accredited by the organiser for the sporting event through the issuance of an accreditation badge. These individuals, such as players, officials, coaches, squad members, etc., must be accredited in advance of their performance in the Final game of the league.
In addition to meeting the accreditation requirements, the non-residence condition must also be fulfilled. The non-residence condition is satisfied if the accredited person performs the activity:
- In a tax year for which the person is a non-UK resident, or
- In the overseas part of a tax year that is a split year with respect to that person,
Therefore, UK-resident individuals or businesses will not benefit from the exemption.
Conclusion
The 2024 UEFA Champions League Final at Wembley Stadium is set to be an unforgettable event, not just for football fans but also for the accredited individuals involved. Thanks to the Major Sporting Events (Income Tax Exemption) Regulations, 2024, non-resident players, coaches, officials, and other certified persons can enjoy a tax-free income for activities related to the event between 28 May and 1 June.
As we cheer for our favourite teams, let us also appreciate the broader benefits that come with hosting such prestigious events.
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