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F1 Champion Lewis Hamilton 'dodged' Vat On £16.5M Private Jet

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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. :rolleyes:

 

 

http://www.bbc.com/news/uk-41886607

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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

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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 .

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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 !

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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"!!

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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."

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