Harringay, Haringey - So Good they Spelt it Twice!
Buy your local veg from an Offshore Company ...
... and other local property deal delights. Our local corner store is owned by a company registered in the British Virgin Islands, for example.
Thanks to an FOI request by Private Eye last year to reveal which properties in the UK are owned by offshore companies and a useful interactive map to visualize the data, you can now find out which properties around you (or elsewhere) are owned by offshore companies. You need to click on each highlighted property for this information which may include how much they paid.
Of course there maybe legitimate reasons for this with some property deals, with inward investment a common enough occurrence but, it is surprising to see how many exist just within your local area, including terraced properties on some pretty standard streets.
What we can't know is how the money used to buy a property was earned in the first place. But, by taking the extraordinary effort to register a property in for example the British Virgin Islands (the first three properties I looked at near to me are under three different companies) you would think tax avoidance on income/future sale might be an incentive.
Take a look; Private Eye
Replies to This Discussion
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Permalink Reply by MillerRD on
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From a CGT perspective again a low acquisition/disposal value should, in theory, not matter. Provided they are UK tax registered there is anti avoidance in place that will refer to the fair market value of the deal rather than the cash that changed hands.
Excellent example of lazy journalism this story. I'm sure there are people avoiding tax but other have valid reasons for an offshore corporate structure which again has nothing to do with where it is domiciled for tax.
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Permalink Reply by John McMullan on
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They pay UK corporation tax? I doubt it, not unless they're filing accounts with Companies House and submitting corporation tax returns every year. That's the over zealous bit, innit.
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Haha, funny. No requirement to file financial statements audited or other wise with companies house with ur tax return. Captured by completely separate legislation. Incorporation and tax status are independent. Maybe give HMRC a call and can set you straight.
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Permalink Reply by EMC2 on
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Just a minor point but many of those choosing to incorporate in BVI could care less about UK corporate reporting requirements. They want secrecy. And not because they're shy...
And while main stream news papers might not focus on details, especially on the role of UK Professional enablers, there's plenty of NGOs who do
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That's a fairly sweeping statement. However if you have some facts that compare offshore incorporation vs tax residency would be great to see.
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Sweeping perhaps, MillerRD. Difficult to present you with facts comparing offshore incorporation vs tax residency, what with all the secrecy and the sweeping nature of offshore incorporation and tax residency. I don't doubt there are valid and legitimate tax reasons for lots of this jiggery pokery. What gets me is the corruption all this facilitates, and especially the professional enablers who hold their noses and profit while facilitating it.
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Permalink Reply by Sarah on
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This might be a good time to say you can buy truly local veg from Crop Drop: http://cropdrop.co.uk. A social enterprise run by locals, they source veg (and now fruit) as locally as possible. Choose your pick up point from a number of options.
They are trying to expand their customer base to a more sustainable level. I've been a happy customer for a few months now and really recommend it.
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