LOCOG Newsletter
26 Jul 2010
LOCOG are providing BAC members with access to their internal newsletters, so they can keep up to speed with developments on a weekly basis. These updates can be viewed in the "member news" section
News
News Articles
Vancouver Athlete Report Published
12 Jul 2010
The independent athletes report from the Vancouver winter Olympic games 2010 has been published by the British Athletes Commission (BAC)
BAC announces Betfair as new sponsor
08 Jul 2010
The British Athletes Commission (BAC) has signed a 3 year agreement with Betfair. This establishes Betfair as the BAC’s first ever official sponsor.
The two organisations will seek to educate and raise awareness among elite athletes in all Olympic Paralympic and world class disciplines about betting related issues and the role they can play in preventing corruption in their sports.
Pete Gardner, Chief Executive of the BAC commented:
“The BAC is delighted to announce Betfair as its first sponsor, their support will be vital in ensuring athletes receive a key strand in their ongoing education, as Olympic and Paralympic sport becomes ever more professional.”
Karen Pickering, BAC Chair said:
“At a time when the IOC has just agreed on a series of recommendations for Olympic sport, I am delighted that the BAC will be working with Betfair to educate British athletes across all Olympic, Paralympic and World Class sports in how they can prevent corruption and protect the integrity of sport.”
David Yu, Betfair Chief Executive said:
“We are delighted to be working with the BAC, a vital step in our on-going efforts to safeguard the integrity of sport. We have seen that there are very few integrity issues when betting on sport is entirely transparent and when sportsmen and women understand the rules in place and penalties for breaking them. This partnership gives us a unique opportunity to work together in educating athletes about this issue in the run-up to the 2012 Olympic Games in London.”
BOA AC Board elected
08 Jul 2010
The results of the elections to the BOA Athletes Commission have been released, and the BAC is delighted to see the high calibre of athletes that have been elected and selected to serve on the new commission.
BOA Athlete Commission Elections
21 Jun 2010
Voting opens today for the BOA Athlete Commission Elections, and continues until Friday 25th June. All Olympians past and present are eligible to vote and should have received instructions from the BOA on how to do so.
Athlete Tax Update
29 Apr 2010
As many of you who saw the Athlete Tax presentations will know, the rules for Athlete Tax are quite complicated and are still an evolving topic. We have recently launched a new website that should help make life easier for assessing your tax status and understanding the rules. However before we tell you more about the website, we just wanted to feedback on this year’s process:
This year’s tax return process has confirmed two key aspects of the Tax legislation:
1. Athlete expenses must first be offset against the Athlete Personal Award (‘APA’) (i.e. Lottery Award) received in the year. Excess expenses (i.e. above the APA) can then be set off against other sport related income if the Athlete is trading with a view to a profit. If there are still excess expenses after offsetting against other sporting income, they can be reclaimed as a credit against future taxable sporting income or offset against other income in the year (if tax has been paid).
2. Only Professional Athletes can make a claim for excess expenses. You will recall that a Professional Athlete is someone who is trading with a view to a profit (either now or in the near future).
These aspects of the tax legislation have led to a lot of confusion during the last year.
Further Points:
• For many Athletes, although their expenses are high, they are often below the APA. The APA is a grant to cover sporting and living expenses.
• Even Athletes who have high expenses, will need to justify that they are trading as a professional, i.e. they are trying to (or will) make a profit from their sport. This is a double edged sword as potentially the APA awards of professional athletes may also become taxable.
• Athletes need to maintain good records of their income and expenses. The standard of records that have been sent to us this year has been inconsistent. It is your responsibility to keep records of your income and expenses.
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