Olympic Games 2012: London Bid

HL Deb 02 February 2005 vol 669 c48WA

Lord Jopling

asked Her Majesty's Government:

What is the estimated cost to the Treasury of tax concessions detailed in paragraphs 6.5.1 and 6.5.3, page 99, of Volume 1 of the bid for the London 2012 Olympic Games. [HL887]

The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord McIntosh of Haringey)

There is no real cost to the Exchequer. The income and gains that will be exempted will fall within the UK tax net only if the Games are held in London, and it is a non-negotiable condition of the contract offered to host cities that income and gains of participants will not bear local tax. In practice, the only way to ensure this and maximise the prospects for London's bid was to provide the tax concessions.