LOCOG was exempt from corporation tax from the date of its incorporation, 22 October 2004 (FA 2006, s. 65(2); s. 66(6)). In addition, any annual payments made to it are not to be subject to deduction of income tax at source (FA 2006, s. 65(3)). These exemptions may also be extended by Treasury regulations to any wholly-owned subsidiary of LOCOG (FA 2006, s. 65(5)).

These exemptions are, however, provisional. Firstly, if LOCOG undertakes, or may undertake, activities which are outside those carried out in fulfilling its obligations under the Host City Contract, the Treasury may, by regulations, restrict the exemptions to a specified extent (FA 2006, s. 65(8)).

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