The decision will also be music to the ears of organisers of the Glasgow 2014 Commonwealth Games, due to take place less than two weeks after the Grand Prix.

Hampden Park will host the International Association of Athletics Federations (IAAF) Diamond League meeting on July 11 and 12, and if the six-time Olympic champion shows up, hopes will no doubt be raised he extends his stay in the Scottish city and potentially thrills the crowds again at Glasgow 2014.

Although a similar tax exemption is in place for the Commonwealth Games - where is no prize money - the Jamaican has yet to announce whether he will take part in the Games.

Chancellor of the Exchequer George Osborne also announced a tax exemption for overseas stars at last year's Anniversary Games in the London 2012 Olympic Stadium, which doubled up as the Diamond League meeting.

Bolt competed in the meeting last year for the first time since 2009, having refused to take part before due to severe financial rules in Britain which mean visiting overseas athletes have to pay tax on their earnings when they compete, but also on part of their global income, including sponsorship deals.

Usain Bolt in action at last year's Anniversary Games, but will he be competing at Hampden Park in July? ©AFP/Getty Images



"I want to do everything to help make this summer a summer of sporting success in Scotland," said Osborne.

"Not only is the great city of Glasgow hosting the Commonwealth Games, but also the Glasgow Grand Prix as well - and the UK Government will do its part to make sure both are great sporting events.

"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."

Scotland's biggest city was announced as the host for the Diamond League meeting earlier this month, a move designed to support the Commonwealth Games.

While the Olympic Stadium hosted the event last year, the Crystal Palace National Sports Centre has been the traditional home for the London meeting.

"Having this Grand Prix event in Glasgow and Scotland for the first time provides an international showcase for Hampden Park, Scotland's national stadium, our Commonwealth Games venue for athletics - as well as the great global athletes who will come to compete," said chairman of Glasgow 2014, Lord Smith of Kelvin.

"Glasgow 2014 warmly welcomes this positive contribution from the UK Government which will play a key role in maximising opportunities to engage the Commonwealth's elite international athletes in what will be an exciting build-up to the Glasgow 2014 Commonwealth Games, the UK's next big sporting event."

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