Olympic Torch Tax Will Get the UK's Economy Back on Track

By Gary Cutlack on at

All those people currently jogging around the country as part of the national advert for the Olympics have popped up on the HMRC's radar, with the UK's tax inspector warning potential torch eBayers that they're liable to tax on the proceeds.

Those who take part in the Olympic Torch relay are allowed to buy their own Olympic Torch for £215, to take home with them and cherish. Although, with eBay prices for the torches currently hovering around the £6,000 mark, some brave, community pillars are obviously going to be rather tempted to sell them on and pocket the profit.

After all, amassing enormous amounts of money is what the Olympics are all about.

However, those looking to bank a chunk of Olympic gold this way are the subject of specific advice from the UK's tax collector, which has put out a guideline/threat containing all the rules on taxing sudden windfalls of around, say, £6,000, which may be subject to capital gains tax.

So the joggers might be in line for a rather mean-spirited tax investigation, once 2012's festivities are history. [HMRC via Bitter Wallet]