The U.K. Treasury has argued that athletes earn their sponsorship money through public appearances, but the system is significantly harsher than other jurisdictions around the world, where tax on foreign athletes is based on the number of days spent in country, or on the incremental income earned.

WSJ: U.K. Runs Tax Deal Past Usain Bolt

It said this could help restore public confidence in the financial sector and the system whereby the Bank of England, the Treasury and the Financial Services Authority share regulatory responsibility.

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