Tag Archive for: Tax Avoidance

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Image Rights – Further Probes

Following consultation with Spanish tax authorities into recent high profile ‘image rights’ tax avoidance schemes. The UK’s HM Revenues & Customs (HMRC) is now investigating almost 200 footballers as part of its crackdown on tax avoidance in the sport.

According to a report in the Daily Mail, the number of players under investigation has risen from 181 in April to 198 today, with 44 Premiership and Football League clubs said to be involved. The number of Agents (Intermediaries) being probed has also increased from 21 to 29.

The investigation covers a range of areas from image rights loopholes, to the use of tax avoidance schemes.

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Ronaldo – Tax Case

The recent Ronaldo tax case is a very interesting study. There is no question Ronaldo was acting on the advice of his professional advisors, yet he, not his advisors is the one left with a criminal conviction, a two-year suspended jail sentence and a payment for €18.9 million (£16.8 million) to settle his tax fraud case with Spanish authorities.

Ronaldo was accused last year of not paying €14.8 million in taxes between 2011 and 2014 using a shell company in the British Virgin Islands to disguise income earned on his image rights.

Ronaldo was shown to have benefited from a British Virgin Islands (BVI) company.

This was used to receive image royalties, prior to his becoming resident in Spain, allowing him to avoid income tax on foreign income.

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