Sports and Entertainment
Bespoke corporate solutions designed to meet the varied requirements of the international sportsperson, entertainer or touring artist.
In today's environment sports persons and entertainers need to be clear as to what they wish to achieve in relation to their wealth management. Speculative investments into unknown areas or exotic financial instruments are high risk and not a long term solution. High risk tax schemes are also only for the brave or stupid. The chance of enquiries and unexpected costs are high if complex and aggressive schemes are implemented and the damage to 'brand value' of the image of sports person should not be under estimated.
The Isle of Man has a large financial services industry which has the following benefits:
- Clear understanding of the UK tax and legal issues
- Close connections with UK advisors
- Local banks, life insurance companies, lawyers, accountants and corporate service providers and trustees
- Transparent links with HMRC
SMP Partners are able to assist sports persons, entertainers and their advisors on appropriate trust and corporate structures that offer wealth protection and non aggressive and sensible tax mitigation. Such firms can also assist the individual to ensure that fully comply with their UK tax obligations. Such structures could include for example excluded property trusts for children and also trust and corporate structures for foreign income of non domiciled football players who are taxable on a remittance basis. Such structures can also be used as suitable vehicles to hold foreign investments, eg foreign holiday homes, or for example trophy assets such as yachts and aircraft.
The new disclosure facility in the Isle of Man also offers a convenient way to discuss in confidence with HMRC any existing structures or schemes they have implemented and if the person is no longer comfortable with the potential exposure to a particular scheme the facility can be used as a cost effective way to unwind the arrangement.
Our Specialists in Sports and Entertainment
Senior Manager, Corporate Services