Currently the IOC is projected to earn revenues of £2.7 billion from the London Olympics and the total amount of lost tax revenues is estimated to be over £600 million.(7)

LOCOG itself (the London Organising Committee of the Olympic and Paralympic Games) is also exempt from taxation.

The body is chaired by Paul Deighton, a former Chief Executive of Goldman Sachs during the period the bank were using offshore schemes to pay executive bonuses.(5) LOCOG itself is also using much-criticised employee benefit trusts, often registered in Jersey or Guernsey, to pay organiser's bonuses once the Games are over.(6)

With the additional sums that LOCOG could have been liable for, the total figure lost approaches £700 million. This calculation doesn't even take into account the potential tax income from the profits of corporate partners who will also enjoy the generous tax breaks previously mentioned.

 

Lost revenue

So, despite putting severe weight on London's public infrastructure, those profiting from the games and many of those working at them will be exempt from tax. In a time of austerity this is money the Exchequer can hardly afford to loose, especially when it has already paid out somewhere in the region of £11 billion to fund many parts of the project. (3)

another day, another megascam...

The power of knowledge is in mortal combat with the knowledge of power. It really is that simple... That's the Edenic apple we are all munching on.