Demonstrating the Government’s commitment to the Olympic legacy, the Glasgow Grand Prix will support the Commonwealth Games in bringing world class sports to Scotland and will maximise the benefits the Games will bring to Scotland and the UK more widely.

Like the exemption for non-resident sportspeople participating in Glasgow 2014 Commonwealth Games announced on 27 August 2013, the one-off exemption for Glasgow Grand Prix athletes will apply to all non-UK resident accredited competitors in the event, and has been granted on an exceptional basis. It will not apply to any officials, sponsors or coaching staff, and does not cover any other taxes such as corporation tax or VAT.

Chancellor George Osborne said: ‘The tax exemption the Treasury is announcing will extend the cultural and economic contribution that the Games will bring. It will also ensure Scotland continues to attract the highest standard of athletes.’

The Glasgow Grand Prix will be held from 11 to 12 July at Hampden Park, Glasgow.