Flashermac Posted November 7, 2017 Report Share Posted November 7, 2017 Must be nice to be filthy rich: Formula 1 champion Lewis Hamilton avoided tax on his £16.5m luxury jet, according to Paradise Papers documents. They show a £3.3m VAT refund was given after the Bombardier Challenger 605 was imported into the Isle of Man in 2013. It appears a leasing deal set up by advisers was artificial and did not comply with an EU and UK ban on refunds for private use - although he may have been entitled to one for business. Hamilton's lawyers say a tax barrister review found the structure was lawful. They added it was not correct to say no VAT had been paid on any of the arrangements. http://www.bbc.com/news/uk-41886607 Link to comment Share on other sites More sharing options...
Mekong Posted November 7, 2017 Report Share Posted November 7, 2017 Corbin raised the question last week in the house “How Many Private Jets?†There are over 3,000 registered on IoM with. Population of 60,000 better known as 60,000 alcoholics clinging to a rock. IoM bank accounts, company registered in Cayman Islands guilty as charged your honor haha fully legit honest since I was born in IoM Link to comment Share on other sites More sharing options...
radioman Posted November 7, 2017 Report Share Posted November 7, 2017 Of course VAT was paid, then it was refunded. Different argument. Link to comment Share on other sites More sharing options...
buffalo_bill Posted November 7, 2017 Report Share Posted November 7, 2017 VAT on a purchase of anything shall be "refunded " once it is a commercial transaction . But other than the IoM the authorities insist on economically serious activities afterwards . Link to comment Share on other sites More sharing options...
Dexi Posted November 7, 2017 Report Share Posted November 7, 2017 Perhaps if the UK govt. didn`t waste so much money then people might be more inclined to pay tax.I don`t blame messrs. Hamilton et al going to live in Monaco - I suspect most people would ,given the chance.Add up all the taxes - income tax @ 45 %,VAT @ 20 % , then possibly IHT and Estate taxes on any remaining @ another 40 %....crazy ! Link to comment Share on other sites More sharing options...
Coss Posted November 7, 2017 Report Share Posted November 7, 2017 Yep, the rich get richer and the poor get the picture. Link to comment Share on other sites More sharing options...
migrant Posted November 7, 2017 Report Share Posted November 7, 2017 Learned Hand, a very influential judge in America once said "Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. public duty to pay more than the law demands." And thank goodness for that, it's made me a good living doing the "arranging"!! Link to comment Share on other sites More sharing options...
Flashermac Posted November 8, 2017 Author Report Share Posted November 8, 2017 No problem with that, as long as it's all legal. However, in this instance ... "It appears a leasing deal set up by advisers was artificial and did not comply with an EU and UK ban on refunds for private use." Link to comment Share on other sites More sharing options...
bust Posted November 8, 2017 Report Share Posted November 8, 2017 Bit of Packer philosophy on tax Link to comment Share on other sites More sharing options...
jigger Posted November 8, 2017 Report Share Posted November 8, 2017 Being filthy rich must be a real drag on your life... all the lawyers and sycophants you have to hire... Link to comment Share on other sites More sharing options...
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