Exemptions also apply to certain non-UK residents working for broadcasters.

FORBES: Olympians Get a Free Pass on Taxes at the London Games

Mr Harwood said the document would see more information about non-domiciled UK residents' tax affairs exchanges between the jurisdictions.

BBC: UK & Guernsey tax agreement would be 'significant'

But not everyone gets a break: those working on construction of the venues (UK residents and non-residents) will have to pay taxes just as always.

FORBES: Olympians Get a Free Pass on Taxes at the London Games