Jannik Sinner prevailed in his first Wimbledon final to stop Carlos Alcaraz from claiming a three-peat in SW19, and in doing so scooped the most lucrative Grand Slam on the tour. However, less than favourable tax rates in the UK means it is, in fact, not the highest Grand Slam prize money after tax.<\/b><\/p>\nDo Tennis Players Get Taxed On Their Winnings?<\/b><\/h2>\n
Tennis, particularly at an elite level, has some of the highest levels of remuneration in sport.<\/span><\/p>\n Organisers across major events have also sought to level the playing field across the entirety of the tennis pyramid, spreading out a larger share to those who crash out in earlier rounds.<\/span><\/p>\n But for those clinching major ATP and WTA silverware on a regular basis, multi-million prize money purses can be scooped every season.<\/span><\/p>\n This does, however, beg the question, do tennis players get taxed on their winnings?<\/span><\/p>\n In short, yes. However, the rate at which they are taxed on prize money differs, depending on where the tournament is.<\/span><\/p>\n For example, recently-crowned Wimbeldon champion, Jannik Sinner, collected a cool \u00a33 million for sweeping aside Carlos Alcaraz. However, the UK\u2019s high tax rates for those in the top bracket means around 47% of that will be heading to HMRC.<\/span><\/p>\n It is for this exact reason that half of the top 30 ATP players have their main home residence registered in tax-free countries.<\/span><\/p>\n Monte Carlo in Monaco is a popular tax-free haven for tennis players, with the likes of Sinner, Novak Djokovic, Alexander Zverev and Holger Rune all residents in the municipality.<\/p>\n Therefore, Sinner can expect to <\/span>pay no additional income tax outside of the UK, so he can at least enjoy a larger slice of his Wimbledon prize money than most.<\/span><\/p>\n