SerpApi.Org
Ryan Fox claimed his third PGA Tour victory and first major championship in his 94th appearance on the circuit - only to immediately lose over a million dollars in prize money to taxes.
Fox drained an 11-foot birdie putt on the 18th hole at Royal Birkdale as third-place finisher Sam Burns sank to the ground in disappointment. The New Zealander stood in stunned disbelief for several moments after his victory before calling his family, graciously accepting the trophy, and offering apologies to anyone he may have overlooked in his acceptance speech, with Scottie Scheffler's comments catching him by surprise.
Shortly afterward, the 39-year-old felt the full weight of the British tax system, having claimed the title in Southport, England. It comes after Scottie Scheffler admitted he was 'not proud of' Open Championship move.
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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 exceeding the personal allowance threshold - and that's just the beginning.
Since his total net profit comfortably surpasses £125,140, or $93,020.94, Fox advances through the U.K.'s progressive tax brackets. His substantial prize money pushes the bulk of his earnings into the U.K.'s highest tier - the 45 percent additional rate.
Under distinct U.K. tax regulations, HMRC doesn't solely tax tournament winnings. It also claims a proportional share of a foreign athlete's global endorsement and sponsorship income, calculated according to the number of days they competed on U.K. soil that year.
Ultimately, Fox surrendered approximately 45 percent of his earnings, taking home just $1,760,000 of the original $3,200,000 prize. Yet the tax implications are unlikely to dampen the spirits of the PGA Tour star, who was overwhelmingly thankful for his victory at Royal Birkdale.
"It's unbelievable, to be honest. I still don't know what to think," Fox said following 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 went on to reflect on how his time living in America has reshaped his outlook as he competes on the PGA Tour.
"Playing on the PGA Tour, playing against the best guys every week, it just sharpens your game," Fox remarked.
"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."
