Sportsperson Relief
Certain sports person are entitled to tax retirement relief on certain income they have earned whilst playing sports professionally.
If you are retired or about to retire you are entitled to put a claim in
under S480A of the Finance Act. We at Gerard Kiernan & Co. Accountants have
made the claim on behalf of clients and should you wish to talk to us please
give us a call and we can outline the process.
-
Sportsperson’s are entitled to relief on 40% of there income earned from the sport.
-
-
The relief can be offset against Total Income earned in the 10 years of assessment.
-
Conditions:
-
Sportsperson must be permanently retired from the Sport concerned.
-
If the person resumes the sporting activity the relief will be withdrawn by making an assessment for Income Tax under Case IV of Schedule D for the year of assessment.
-
Income from Sponsorship or Image rights cannot be counted.
Sportsperson retirement relief applies to Sports people who have generally a
short career span.
|
Athlete |
Badminton Player |
Boxer |
Cyclist |
|
Footballer |
Motor Racing Driver |
Golfer |
Jockey |
|
|
Squash Player |
Tennis Player |
Swimmer |
Give Gerard Kiernan & Co Accountants a call to discuss how you can claim some tax relief on your Sports Earnings.