It is your individual responsibility to manage the Personal taxation, National Insurance and Pensions aspects of your personal finance and UK Sport strongly recommends that all athletes seek appropriate expert advice on this area either from an accountant or independent financial adviser.
HM Revenue and Customs (HMRC) may seek to tax your APA if they consider you a “professional” athlete. If your sole income from sporting activities is your APA, it is unlikely that HMRC will consider you to be “professional” and so your Award is unlikely to be taxable. If, however, you have other sports-related income, aside from your APA, you may as a result be liable for tax on that income and/or your APA.
More information including detailed guidance notes on taxation and a list of British Athletes Commission-recommended accountants can be found at www.athletetax.com.