Drivers, Residency And Taxes
November 1, 2007 by Negative Camber
Filed under Prime & Option
I find the driver residency issue humorous. On many levels. First, Lewis Announced he is moving to Switzerland but not for tax purposes. He is going there because of the fame and hassle it brings while living in the UK.
Secondly, almost all the drivers live in places with very low taxation on their personal income. The original countries of origin have tax rates over 60%. UK, Sweden, Finland, Germany, Spain, France, Sweden etc. There are a couple exceptions where drivers are still living in their native lands and they are paying out the backside to do so.
Drivers changing locales for tax breaks? Should A1GP drivers have to live in their host nations? Is there a disconnect that occurs with a driver and his country. I recall Germany looking for litigation to claim some of Schumi’s winnings and many fans upset because in many respects; he was Germany’s national pride. F1 has always had a sense of national pride. The Brazilian’s come to mind. Leaving your home and fans is a big move but in the end perhaps where one lives is really inconsequential so long as he is British, German, Brazilian or French and the correct national anthem plays on the podium.
NC,
Maybe he can move to the States, where Warren Buffett pays less tax then I do…… And I’ll guarantee I earn WAY less then Warren.
John “Don’t get me started” Stone
Hey I am from the Philly Area here where they tax visiting sports teams and players when they play in Philly throughout the year.
I say more power to Lewis if he has the option to find a tax break and it makes sense–take it!
Have you seen his returns John?
“This is a lesson in political-economic”
A Lesson? I dunno but it certainly was political had bugger all to do with F1.
I happen to disagree to an extent, that is I’m very happy to live in a country where socialism has had a lot of counterbalancing impact. Sadly it’s influence is slowly disappearing.
I’d also suggest (And that’s all. Not trying to be huffy or nasty) the front page should stick to F1 politics and not real world politics. You’ll gather more fans that way.
Well Paul, at the risk of alienating our socialist friends and dragging politics into a gosh darn F1 page; i would be most honored to edit out all political slant. You may be a lot of things Paul, but alienated is not going to be one of them. This will not do. See recently edited post to continue discussing my original thought regarding drivers, tax breaks and national pride. just got my personal property tax increase; very bitter at the moment. ;)
Well, looking back on it, I am a bit of a moaner. So I’m sorry you edited your post NC.
The odd bit of politics won’t drive me off I just have a differing opinion so I moaned. :)
In general I’d prefer politics in the forum than front page mind, but that’s just me.
All good feedback and very appropriate. I was in error Paul, no need to apologize. I rely on all of you to keep the direction of F1B moving the way you want it. I value your presence here and opinion very highly. :)
There was in an interesting parallel to the Schumi tax billions thing this year in motogp which I think you covered.
Though perhaps the adulation is some part of it. There’s no doubt that Hamiltons’s done the flit to avoid his tax. It’s not like there’s no F1 fans in Switzerland to pester him.
On the whole I don’t think anyone (Well maybe the chancelor.) cares where F1 drivers live. It has become par for the course over a long period for them to live elsewhere.
At least Hamilton was clever and isn’t going to Monaco like so many before him. Where saving all that tax only gets you a two bedroom apartment.
Cheers NC nice to valued of course! :D
LOL. True about Monaco.
NC,
Actually I misspoke he pays less percentage wise then I do, and probably less then most folks on this list. He pays 17% of his income in taxes….
He pays less percentage wise then the receptionist at his company!
Aaah taxes…..
John “think then type” Stone
Bummer, I was hoping you had seen the return so we could solicit him for the JYS Team Fund to buy Spyker. We’ll get you on the wall directing like Ross Brawn in no time, John.
OUCH!!!! Now this is telling it like it is:
http://www.autosport.com/news/grapevine.php/id/63721