pete
08/02/2002, 12:09 PM
From the IT:
Minister brings in tax break for sports people
The Minister for Finance has introduced a tax break for sportsmen and women similar to the one enjoyed for decades by artists. When they retire, professional players resident in the Republic will now be able to claim back tax paid on their earnings since 1990.
The relief - which was announced in the Finance Bill published yesterday - is restricted to income from wages and winnings, rather than earnings from sponsorship deals and promotional activities.
Mr McCreevy said the measure was a way of rewarding sportsmen for the "prestige they bring to Ireland". He added that it would also encourage more people to take up sports. He said the initiative was his own idea and he had not been sounded out on the issue since he was a backbench TD and had been lobbied by professional jockeys.
Mr McCreevy admitted that the most of the Republic's better-known sportsmen would not be able to avail of the relief because they were not resident in the State.
"That is true. They will lose out," he said.
The main beneficiaries would be rugby players based in the Republic and semi-professionals such as League of Ireland soccer players, he said.
Mr McCreevy predicted the relief would not have much impact on the debate on professionalism in the GAA. The cost of the scheme would be relatively small, because only a handful of big earners would meet the residency requirement, he said.
The scheme allows retiring sportsmen to choose up to 10 years out of the playing career. The period cannot commence before 1990 and they must have been resident in the State for tax purposes in those years. The first 40 per cent of their gross earnings (before expenses) will then be tax free. Because the individuals will have paid tax on these earnings, they will receive a rebate from the Revenue Commissioners.
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Not sure how a lot of clubs run their finances & whether they above or below the table payments but surely some long serving eL players stand to make a tidy tax rebate?
From a CCFC point of view i'm sure Morley, Caulfield & Daly are glad they didn't retire last year. They look likely to get a rebate of 40% on all 'declared' income from playing eL football in 10 years. Should be a tidy sum.
Minister brings in tax break for sports people
The Minister for Finance has introduced a tax break for sportsmen and women similar to the one enjoyed for decades by artists. When they retire, professional players resident in the Republic will now be able to claim back tax paid on their earnings since 1990.
The relief - which was announced in the Finance Bill published yesterday - is restricted to income from wages and winnings, rather than earnings from sponsorship deals and promotional activities.
Mr McCreevy said the measure was a way of rewarding sportsmen for the "prestige they bring to Ireland". He added that it would also encourage more people to take up sports. He said the initiative was his own idea and he had not been sounded out on the issue since he was a backbench TD and had been lobbied by professional jockeys.
Mr McCreevy admitted that the most of the Republic's better-known sportsmen would not be able to avail of the relief because they were not resident in the State.
"That is true. They will lose out," he said.
The main beneficiaries would be rugby players based in the Republic and semi-professionals such as League of Ireland soccer players, he said.
Mr McCreevy predicted the relief would not have much impact on the debate on professionalism in the GAA. The cost of the scheme would be relatively small, because only a handful of big earners would meet the residency requirement, he said.
The scheme allows retiring sportsmen to choose up to 10 years out of the playing career. The period cannot commence before 1990 and they must have been resident in the State for tax purposes in those years. The first 40 per cent of their gross earnings (before expenses) will then be tax free. Because the individuals will have paid tax on these earnings, they will receive a rebate from the Revenue Commissioners.
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Not sure how a lot of clubs run their finances & whether they above or below the table payments but surely some long serving eL players stand to make a tidy tax rebate?
From a CCFC point of view i'm sure Morley, Caulfield & Daly are glad they didn't retire last year. They look likely to get a rebate of 40% on all 'declared' income from playing eL football in 10 years. Should be a tidy sum.