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overboost wrote:Looks like Hammy is under investigation by HM Revenue and Customs.I still am not a fan of his but let's face it. No one wants to pay tax's and try to get away with it. That's all he has done.
They are looking at the schemes he used to get the $4.4M USD in taxes he paid on his Bombardier in Canada reimbursed when he imported the jet to the UK. He also ran a similar scheme on his $20M USD motor-home to avoid taxes on that purchase as well.
Many shell companies were set up offshore to basically rent his own jet back to himself disguised as a business. However the whole racket is based on Hamilton signing a tax declaration that the plane is only used for business purposes, no personal use. An obvious lie if just a quick check is done on any of Hamilton's social media accounts!
It is one thing to lie to race stewards, just hold a press conference implicating a teammate and all is good. Lying to Her Majesty's Revenue and Customs though can lead to all sorts of really nasty real world legal problems.
This is how Lewis Hamilton avoided paying tax on a £16.5 million private jet
- Formula One star Lewis Hamilton avoided paying tax on his £16.5 million private jet, according to the BBC and The Guardian.
- The Paradise Papers revealed that Hamilton used an Isle of Man scheme to set up businesses that rented out his own jet to himself.
- He received a 100% VAT refund on the plane, despite using the jet for personal as well as professional trips.
"The British racing driver has a fortune of £130 million, according to The Guardian, and is the 10th highest-paid athlete in the world, but this did not stop him from dodging tax on his lavish purchase.
The Guardian reported that as part of an Isle of Man scheme — which will now be investigated by HM Revenue and Customs — Hamilton, accountancy firm EY, and Appleby set up "seemingly artificial looking businesses through which they rented their own jets from themselves."
Hamilton reportedly used companies in the British Virgin Islands (BVI), the Isle of Man, and Guernsey in order to get £3.3 million in VAT returned to him when he imported his red Bombardier aircraft from Canada in 2013.
He also appears to have avoided paying tax on €1.7 million (£1.5 million) motorhome he purchased by setting up a company in the Isle of Man, and "channels his earnings through tax haven companies in Guernsey, Malta and the BVI."
However, experts told The Guardian that the scheme appears "artificial" and is "open to challenge," with law professors adding that it was potentially "abusive" and doesn't appear to follow European law.
Further, while jet owners are entitled to reclaim VAT on the purchase and running costs of their aircraft if they use it for business purposes, VAT must be paid if they use it for holidays or private leisure."
http://uk.businessinsider.com/how-lewis ... et-2017-11
darwin dali wrote:So I guess I'm no one then? I like paying taxes because I know what the alternative (i.e., no taxes) would be.
Jabberwocky wrote:I still am not a fan of his but let's face it. No one wants to pay tax's and try to get away with it. That's all he has done.
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