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Though not really a UK tax issue, are the US Olympians ready for the hefty tax bill when they return home…? The Olympic medals won by any US athletes are given a value and taxed by US authorities, based on the value of the materials in a gold, silver or bronze award.

Based on today’s commodities prices, gold medals are worth around $600, a silver medal would be $300 and bronze medals a mere $4. The US government also pays athletes a bonus if they win medals at the summer games, although again this is taxed as income. US gold medallists are paid $25,000, silver winners $15,000 and bronze medallists $10,000.

In fact, Great Britain does not offer this same incentive to medal winning athletes, commenting that athletes are left to cash in on their post-Olympic fame through corporate deals and media appearances.