Millionaire Premier League footballers are planning to evade the controversial new 50p income tax rate by asking clubs to pay their hefty wages as interest-free loans.
The tactic, which is being considered by some of the richest stars at Manchester United, Arsenal and Liverpool, would allow players to initially pay a mere 2.5 per cent tax on some of their earnings.
The scheme would mean the footballers would avoid paying the high tax rate, which will increase from 40p to 50p in the pound for 750,000 top earners on more than £150,000 per annum next April.
Such an accounting rouse would stop players from demanding huge pay rises from their clubs as Andrey Arshavin, Arsenal’s Russian midfielder, did last week.
The star is renegotiating his £80,000-a-week salary after being ‘unpleasantly surprised’ at his income tax bills, which in his native Russia were only 13 per cent.
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Source Credits: Arthur Martin in the Daily Mail