New tax-rate will cost Steven Gerrard £713,000 per year
Highest earners in football and the rates they will pay under the new tax system
Online, November 26, 2009 (Newswire.com) - Liverpool's captain Steven Gerrard will be £713,000 out of pocket next year, says ACCA (the Association of Chartered Certified Accountants), due to the new 50% tax-rate which is set to be introduced in 2010.
Chas Roy-Chowdhury, head of taxation, ACCA, said:
"Professional footballers might get well paid, but they make a huge contribution to the tax intake as well. Fernando Torres and Steven Gerrard will pay a combined total of around £3,565,000 to the tax man next year. They, more than most, will feel the bite of the new top-rate 50% tax."
The new tax rate means that Steven Gerrard will pay a total of £3,565,000 in tax out of his 2010 wages. The new rate will affect up to 350,000 UK residents as the 50% rate applies to all salaries above £150,000.
The Premier League's top 5 earners and how much they will pay :
• Robinho (160,000 p/w) - £817,000
• John Terry (151,000 p/w) - £770,200
• Frank Lampard (150,000 p/w) - £765,000
• Steven Gerrard (140,000 p/w) - £713,000
• Carlos Tevez (140,000 p/w) - £713,000
For further details on the new tax banding system, visit the HMRC website.
Andrew Swailes, ACCA Newsroom
+44 (0)20 7059 5823
+44 (0)7525 392535
andrew.swailes@accaglobal.com
Notes to Editors
1. ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 362,000 students and 131,500 members in 170 countries worldwide.
2. ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.
3. ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.
4. ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.