Budget 2016 Sporting testimonials
From 6 April 2017 income from sporting testimonials is liable to income tax (and possibly national insurance but no details on that yet) subject to a one-off exemption of £100,000. The exemption will apply to income arising from events held in a maximum period of 12 calendar months only, beginning with the date the first event is held in a ‘testimonial year’, even if that year straddles more than one tax year. The exemption will not apply where there is a contractual entitlement to the sporting testimonial or benefit match. Where a testimonial was arranged before 25 November 2015, even if it happens after 5 April 2017, it will fall within the more favourable existing arrangements.
If you would like to discuss this further please get in touch with Jacqui Gudgion or your usual Mercer & Hole contact.
Date: 17th March, 2016
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