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 matt on
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Blair became filthy rich particularly after he resigned as PM and kept company through his company dealings with violent dictators like that of Kazakhstan. Don't even think Cameron is that stupid but one would think he has benefited from family wealth via his father's Panama dealings. Therefore he should resign ... as has the PM of Iceland (see Eugene's link directly above).
The so called Panama Papers leak is something like 2.6 terabytes worth of data. That was compared today to population of California (all other leaks like Snowden & wikileaks) vs population of India (current leak) for size. So don't think institutions inside Corporation of London won't come out of this unaffected according to top bank lawyers & tax consultants interviewed over the last 48hrs.
But what's also interesting is how wide spread these shady practices are, with a few local businesses/landlords also in on the act. Greed breeds greed.
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Permalink Reply by EMC2 on
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Maybe they'll eat cake FPR
Just read this piece on tax by Jess Phillips In the Name of the Father, the Son and the Spirit of the Law
"Without the taxpayer the posh who jump the queue would just be sitting in a rather nicely decorated room without the staff to actually deliver the service."
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FPR, Nu Labour & Tory elites believe the best way to keep Britain's economy afloat (rather than making things like it used to) is to attract wealth from all over the world by light regulation and near zero tax charge. Some buy grand buildings, others build their European HQ here and provide 'jobs' (google/fb) etc. But this whole model relies on UK taxpayers & small business paying their taxes, otherwise we would end up like Greece with no working infrastructure. The UK govt should be smarter than that and go for a land based tax, where no land can be held in trust, particularly overseas.
It's now reported that a third of all Mossack Fonseca business has been coming from the Chinese rich & middle class via Hong Kong. That money then flows out of these secretive trusts into property worldwide, including shiny new towers here in London like the Woodberry Downs development, once known as an estate where ordinary Londoners lived. Yes the whole thing is a beast with implications for ordinary citizens all over the world and it needs rectifying.
Oh look, the Panamanian president wants to create an international panel of experts to improve transparency ... I nominate Eugene of Haringey.
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Permalink Reply by Sarah on
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Yet they say they can't afford to maintain services on Hampstead Heath...
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Permalink Reply by John D on
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It's being said that HMRC rents its offices from a company based in Bermuda ( or possibly Jersey )
I do hope it's true
I've been searching for a good definition of irony.
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Permalink Reply by Michael Anderson on
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Think you've found it John
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Permalink Reply by Hugh on
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Interesting to note that the closed long-empty Gaming shop at 48 Grand Parade is on the PE list. Another surprising valuation.
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Permalink Reply by MillerRD on
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Just a minor point but main stream news papers have never been one to focus on details. A company can easily be incorporated in BVI, Jersey, IOM etc but be UK corporate / VAT registered i.e. location of incorporation can actually be a red herring. Quite a few companies do this to avoid the over zealous corporate reporting burdens of the UK but still pay UK tax.
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Yes that's a good point. I noticed one property has been paying vat with the amount given. But some maybe paying no tax and some properties are being sold at strangely low prices - any thoughts on that?
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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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