"I am definitely not going to run [in London]," the Jamaican sprinter said ahead of Friday's Diamond League meeting in Paris.
Asked if it was because he would lose more money than he would earn from running in London, Bolt replied: "That's what my agent told me."
Ricky Simms, Bolt's agent, said British tax law stipulates that foreign sports stars have to pay taxes on their worldwide endorsements, a situation that "has kept a lot of the big stars in other sports away from Britain".
Athletes competing in the UK are liable for a 50 per cent tax rate on their appearance fee as well as a proportion of their total worldwide earnings.
Bolt – who will earn $250,000 for running the 100m in Paris - may not now compete in the UK again until the 2012 London Olympics.
