PART 1Income tax, corporation tax and capital gains tax

CHAPTER 4Other provisions

Sporting events

47Glasgow Grand Prix

1

An accredited competitor who performs a Grand Prix activity is not liable to income tax in respect of any income arising from the activity if the non-residence condition is met.

2

The following are Grand Prix activities—

a

competing at the Glasgow Grand Prix, and

b

any activity that is performed during the games period the main purpose of which is to support or promote the Glasgow Grand Prix.

3

The non-residence condition is that—

a

the accredited competitor is non-UK resident for the tax year 2014-15, or

b

the accredited competitor is UK resident for the tax year 2014-15 but the year is a split year as respects the competitor and the activity is performed in the overseas part of the year.

4

Section 966 of ITA 2007 (deduction of sums representing income tax) does not apply to any payment or transfer which gives rise to income benefiting from the exemption under subsection (1).

5

In this section—

  • “accredited competitor” means a person to whom an accreditation card in the athletes' category has been issued by the company named UK Athletics Limited which was incorporated on 16 December 1998;

  • “the games period” means the period—

    1. a

      beginning with 5 July 2014, and

    2. b

      ending with 14 July 2014;

  • “the Glasgow Grand Prix” means the Glasgow Grand Prix athletics event held at Hampden Park Stadium in Glasgow in July 2014;

  • “income” means employment income or profits of a trade, profession or vocation (including profits treated as arising as a result of section 13 of ITTOIA 2005).

6

This section is treated as having come into force on 6 April 2014.