Luke Littler earned a lot of money thanks to his run to the World Darts Championship final, but not quite as much as he might have thought, with the 16-year-old quickly learning about the realities of the tax system.
The teenager’s incredible performances at Alexandra Palace saw him reach the final of the World Darts Championship on debut.
After six brilliant wins he eventually came up short in the final, losing 7-4 to world number one Luke Humphries in a memorable contest of great quality.
Humphries claimed the £500,000 top prize while Littler had to settle for the £200,000 on offer for the runner-up.
Not too shabby for someone who can’t be served in the pub, but he will not be going home with that amount of cash, with a hefty tax bill coming up.
Experts suggest Littler will lose around 45 per cent of those £200,000 winnings, paying a whopping £76,203 to the taxman, plus another £7,330 in national insurance.
That leaves Littler with Take Home Pay of £116,467 for his work in north London and HMRC were not exactly sympathetic to the young lad.
In a reply to the story, the HMRC Press Office tweeted: ‘Big congrats to Luke on his fantastic run to the final. We can confirm the existence of income tax.’
Andrew Mangion, Head of Tax Product at Saxo, said: ‘Everybody needs to pay tax, no matter their age, and under 18s have the same personal allowance as adults. Normally children don’t work or if they do, their pay is generally under the tax free allowance.
‘In this case, it’s rare for a teenager to come into so much money in one lump sum and we would advise him to take professional financial advice on how to best act on this.’
Littler will still be able to afford what he wanted to buy from his World Championship winnings, though.
He told The Telegraph on what he wants to splash his cash on: ‘I always treat myself to some Under Armour tracksuits.
‘And just get myself a new coat and get myself some Fifa points for my Xbox. That’s pretty much it.’
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