Bursary, Scholarship & Prize Money for Musicians & Performers
This is a topic that I have been asked about this year on my tour round music & drama colleges, so I thought it would seem appropriate to jot down a few lines.
At some stage in your musical or performing career, you may be lucky enough to be awarded a bursary, scholarship or win performing prize money. But are you sure you understand the tax implications of these?
Bursaries and scholarships are usually tax-exempt provided the person is in full-time education at a recognised university, technical college or similar education establishments that are open to the public at large and offer a range of courses – both practical & academic. This is part of S331 of the Income & Corporation Tax Act 1988.