Rory McIlroy loses huge chunk of prize money as ex-girlfriend takes swipe
Rory McIlroy is currently on cloud nine after winning the Masters for the first time in his career, but his Augusta victory has not come without controversy. The Ulsterman is set to lose a significant chunk of prize money and many have had their say on McIlroy.
Here, Express Sport takes a look at the latest news surrounding McIlroy just two days on from completing the career Grand Slam.
Rory McIlroy loses prize money
McIlroy is officially set to rake in a whopping £3.2million payout for his playoff win over Justin Rose. That prize money was increased from the £2.8m Scottie Scheffler received a year ago, but also ensures that the new champion faces a higher bill.
Paul Barham, head of international private client tax at Forvis Mazars, explained how much McIlroy will be taxed on his earnings to Express Sport: “Any prize money earned will be subject to US federal tax, the top rate of which is still 37 per cent. Golfers will also have to pay state tax in Georgia at 5.39 per cent.
The US tax will be paid by all the golfers playing at Augusta regardless of where they are tax resident and if they are a tax resident in the US, they shouldn’t pay tax on this prize money in any other country.”
Such figures mean that McIlroy will need to pay in the region of £1.36m in federal and state tax, leaving him with £1.84m. As he is a Florida resident, he will not be subject to to further UK taxes.
