The Loop
Rory McIlroy, Graeme McDowell cited in U.K. tax probe
Rory McIlroy, the No. 1 player in the world, again is in headlines for something other than golf, this time regarding a tax probe.
United Kingdom newspapers are reporting that McIlroy and Graeme McDowell are among several athletes who "could face hefty bills after they invested in schemes being probed over tax avoidance claims," the Mirror wrote. "HM Revenue and Customs is investigating if the programmes unfairly exploited incentives designed to boost run-down city centres, under which investors could claim tax relief."
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HM Revenue and Customs is the United Kingdom's tax authority, its version of the IRS.
"Top golfers McIlroy and Graeme McDowell…were among the investors who ploughed a total of at least £10million into a project on Stanley Dock, Liverpool," the Mirror reported. "HM Revenue and Customs is investigating if the programmes unfairly exploited incentives designed to boost run-down city centres, under which investors could claim tax relief."
The Liverpool Echo said, "There is no indication that McIlroy or other investors were aware of the structure of the schemes or acted illegally."
Recall that McIlroy recently settled his court case with former agent Horizon Sports Management after agreeing to pay what the BBC reported was a sum north of $20 million.
McIlroy will return to golf in the Honda Classic on Feb. 26.