Alexander Zverev faces huge tax bill if he wins Wimbledon
Alexander Zverev is one of a number of German tennis stars who could be hit with a significant tax bill on any earnings made at Wimbledon, according to a tax expert
German tennis stars have been cautioned that they could be hit with a hefty tax bill on any prize money they bag at Wimbledon. Both the UK's HMRC and German tax authorities will take a slice of any tournament earnings, potentially significantly reducing their prize money.
Alexander Zverev, Germany's top contender in the competition, is heading to SW19 following a semi-final loss to Danii Medvedev at the Terra Wortmann Open and a defeat to Taylor Fritz in the BOSS Open final.
However, if Zverev or any other German player manages to advance into the later stages of Wimbledon and secure substantial prize money, they'll find themselves facing significant taxes on those winnings.
- WNBA commentator forced into apology on live TV after echoing Donald Trump
- Athletics break ground on $1.75BN ballpark in Las Vegas after leaving Oakland
Viktor Gottschlich, Deputy of the German Desk at tax and business advisory firm Blick Rothenberg, clarified: "Alexander Zverev may have the best prospects of all German players to win big at Wimbledon.
"But he and other German players could be in for a large tax bill from HMRC and the German authorities on their prize winnings.
"The prize money players receive at Wimbledon is high, with even a first round loser in the singles getting a £66,000 ($90,000) cheque.
"Meaning most international players, including German players, will have to pay UK income tax and submit an annual tax return on their winnings."
"Players that are resident in Germany will also be subject to German income tax. But the German tax authorities may reach beyond the country's borders and even a German national like Alexander, who is resident in Monaco, might still be subject to German tax."
Gottschlich elaborated that due to German laws, players residing overseas and spending significant time abroad could still be liable for taxes back home.
DON'T MISS...
"Under German law, a German national registered abroad might still be considered a tax resident in Germany under certain circumstances.
The former tennis player, Boris Becker, is a well-known example of this, he was registered in Monaco, but had a flat in Munich which he spent enough time living in that the German tax authorities decided he should have been paying German tax on his earnings."
