Do snooker players have to pay tax on their winnings?

userod · 27-05-2011 6:43pm #1

I presume they have to pay tax on their sponsorship money but the money they get from winnings would it not be exempt from taxation due to it being 'prize money'? Any thoughts? Or is prize money taxable? (Prob varies by region but I'm talking about money won in the UK World Championship/Masters say for example)

Oh another question as well as that say they win the money in China do they have to pay the tax to the Chinese government or what is the story?

zack01 · 27-05-2011 10:51pm

They sure do have to pay tax to HM Customs, normally when a player wins an event, he'll receive a check a few weeks later from his management/ manager with the said tax deductions taken off.

ads20101 · 06-05-2018 10:15pm

zack01 wrote: »

They sure do have to pay tax to HM Customs, normally when a player wins an event, he'll receive a check a few weeks later from his management/ manager with the said tax deductions taken off.

No - I don't think this is the case

The player gets the full amount but is required to declare any prize win and pay tax accordingly

That said, players in the past have declared residency in low tax countries to get round this. The time they spend in the uk will be restricted but is likely just enough to play their required tournaments