Tyson Fury might be kissing goodbye to a hefty chunk of his cash from his defeat to Oleksandr Usyk due to UK tax laws.
The Gypsy King faced Usyk in Riyadh, Saudi Arabia for the undisputed heavyweight crown, with a split decision going the Ukrainian’s way. Despite the loss, Fury is in for a massive payday, potentially pocketing up to £80m.
But the taxman could take a serious swipe at that fortune, with Fury facing a whopping bill for income tax and National Insurance contributions on his earnings. Stocklytics has crunched the numbers and if Fury bagged £100m, he’d be forking out £44,986,203 in income tax and coughing up another £2,002,764.60 in National Insurance.
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That’d leave the 35-year-old with just over £53m of his winnings, via the Mirror. A Stocklytics spokesperson explained: “If you are a resident in the UK you have to pay tax on overseas earnings in the same way, and that remains the same no matter how much someone might earn.
“Good tax advice is always important and in this case, you can be sure the Fury camp will have looked at an agreement that would be the most beneficial.”
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(Image: Richard Pelham/Getty Images)
Fury might still have a trick up his sleeve to hang onto more of his earnings as making a charity donation could be a savvy move to sidestep some of that tax. The Stocklytics spokesperson added: “You can offset some money by making a charitable donation, and there is a suggestion Tyson Fury will be making a £1million gift to support Ukraine charities, which would reduce his liability a little.”
Despite his immense wealth, Fury wants his children to earn their own money and not just rely on his fortune. He previously said: “I want my kids to get their own money, do their own things and be their own people. I don’t believe in just giving all your money to your kids. It will make them weak, spoiled and not value anything, worthless.
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“They’ll end up getting to 35 and never having done anything for themselves, apart from spending dad’s money. They’ll be middle-aged looking in the mirror and being disappointed.
“If I buy my son a Lamborghini as soon as he passes his test, he’ll probably kill himself in it. But he also wouldn’t appreciate it. But if he works hard and gets himself a 2004 Corsa, he will be outside washing the **** out every day, hoovering it top to bottom. And I will be proud of him because he has done it himself.
“I will help them with business deals and investments. But I am not a person who will just give everyone an easy life. Hard work, dedication and sacrifice are what makes people strive for different things.”