Tyson Fury could lose half of his £80m prize money from Oleksandr Usyk fight
Tyson Fury could lose up to half of his prize purse from fighting Oleksandr Usyk due to the UK’s tax laws.
The ‘Gypsy King’ did battle with the Ukrainian in Riyadh on Saturday evening, losing on split decision. Both fighters had the opportunity to become the undisputed heavyweight champion of the world.
While four belts were up for grabs in Saudi Arabia, both fighters had the chance to claim a handsome pay day. Fury could claim up to £80m for fighting Usyk - regardless of the result.
However, he might not see all of that. Fury will have to pay a considerable amount of income tax and national insurance on that pay packet.
According to Stocklytics, Fury would be forced to pay £44,986,203 in income tax and £2,002,764.60 in national insurance should he earn £100m in Riyadh. That would leave the 35-year-old with a total prize fund of £53,011,032.40.
“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,” explained a Stocklytics spokesperson. “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.”
Fury, however, could potentially find a slight workaround to ensure that he holds onto his prize money. It is suggested that a charity donation could be a possible loophole.
Tyson Fury and Oleksandr Usyk
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The financial 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.”
Fury is currently one of the wealthiest and most valuable boxers ever. But he has already explained what he will do with his riches - not leave it to his children.
He explained: "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 but it will make them weak, spoiled and not value anything, worthless.
“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."
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