The Premier League is expected to announce a new set of tax rules next month to tackle tax evasion and tax avoidance by the wealthy, the Financial Times reports. 

The rules will allow clubs to deduct assets, liabilities and assets for each season in a tax-free account, the paper says. 

But there is a catch: the Premier League can only deduct assets for the first 12 months, after which clubs can claim the tax credit. 

“The Premier League has agreed to introduce a new code of practice to combat tax evasion, tax avoidance and avoidance by those who wish to avoid paying tax,” a Premier League spokesman told the paper.

“As part of that process, the Premier Board is working closely with the FA and the European Commission to develop a code of conduct to ensure that it is not used to evade or avoid paying taxes.”

We have taken a strong stance in the lead-up to the Premier Leagues 2016/17 season against those who would benefit from such a scheme.

“The FA has worked closely with us throughout this process, with a view to developing a code that is in line with the best interests of the game.”

It will be interesting to see if this is a new start for the Premier league, after the Premier clubs were already paying tax at a rate of 15% on the top 1% of earners last season, with the Premier and FA levies both around 30%. 

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