My client is a UK resident taxpayer who was employed abroad by a European Union sporting club. He was granted a testimonial year by his foreign club and in that year several events took place that generated a significant amount of money. The proceeds were tax free in the foreign country. He now wants to transfer the money to his UK personal bank account.
I am aware of the rules around UK sportspersons who are granted testimonials in the UK and the establishment of testimonial committees who can then pay money under PAYE to the sportsperson with a potential £100 000 tax free exemption.
Do readers think that this exemption would apply to my client’s case? Would he need to account for the income under self assessment and claim a £100 000 exemption or does he have to set up a UK testimonial committee...
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