Arsenal's Arsene Wenger set to get a £3.4MILLION windfall
12.01.2015 19:30
Arsenal manager Arsene Wenger is in line to net £3.4million by shutting a firm he runs – and he can cut his tax bill by two-thirds.
The boss, 66, put LA Promotions into voluntary liquidation last month.
And the capital gains tax due on the £3,466,438 windfall could be cut from over £970,000 to around £346,000 thanks to Entrepreneurs’ Relief – an entirely legal break available to sole traders and partners.
LA Promotions’ exact business is unclear, but it posted accounts for 2012-13 with holdings of £4.1million and is listed at Companies House as being involved in "other sports activities”.
In 2011 Wenger invested in a Newcastle business park which took advantage of enterprise zone tax breaks but still lay empty two years later.
A source said: "He gets good advice. Those looking after his interests know how to play within the rules.”
In May Wenger - the club’s longest serving manager after 17 years in charge - signed a three extension to his current contract worth a reported £8 million a year.
Mr Wenger had no comment to make.
(mirror.co.uk)
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