SerpApi.Org
Ryan Fox earned his third PGA Tour title and first major championship in his 94th start on the circuit, and automatically lost over a million in prize money thanks to taxes.
Fox sank an 11-foot putt for birdie on the 18th hole at Royal Birkdale as third-place finisher Sam Burns crouched to the ground. Fox was in shock for long moments after he won, and he called his family and accepted the trophy with gratitude and apologies to those whom he may have forgotten in his speech.
And shortly after, the 39-year-old was severely impacted by the British government, as he took home the title in Southport, England, and he comes from New Zealand.
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Her Majesty’s Revenue and Customs (HMRC) requires tournament organizers to immediately withhold a basic 20 percent rate at the source for earnings over the personal allowance threshold, and that's not all.
Since his total net profit comfortably exceeds £125,140 and 93,020.94 in USD, he moves up through the UK's progressive tax brackets. His massive prize pool forces the majority of his earnings into the U.K.'s highest bracket — the 45 percent additional rate.
Under unique U.K. tax rules, the HMRC doesn't just tax tournament prize money. It also claims a proportional slice of a foreign athlete's worldwide endorsement and sponsorship income based on the number of days they performed in the U.K. that year.
With that being said, Fox lost around 45 percent of his paycheck and took home just $1,760,000 of the initial $3,200,000.
But the tax hit most likely won't affect the attitude of the PGA Tour star, who was beyond grateful to have triumphed at Royal Birkdale.
“It's unbelievable, to be honest. I still don't know what to think,” said Fox after the win. “My nerves are all over the place. I'm not quite sure how I hit that putt on 18. Look, it is a dream come true.
“Looking at that trophy now, it's the first time I've seen it up close. So it's pretty amazing.”
He continued, noting that living in America has also changed his perspective as he takes on the PGA Tour.
“Playing on the PGA Tour, playing against the best guys every week, it just sharpens your game,” said Fox.
“A couple of wins last year, I think deep down I probably thought I could compete with the best guys in the world, but until you actually do it, it's a bit harder to believe.
“Both wins last year really made me believe that.”
