Roman Abramovich may owe HMRC £1bn for unpaid taxes, analysis shows
We nick his £2 billion and change from selling Chelsea and then also demand tax on top?
Roman Abramovich may owe HMRC £1bn for unpaid taxes, analysis shows
We nick his £2 billion and change from selling Chelsea and then also demand tax on top?
Perhaps it could be offset by the not inconsiderable value of all that free accommodation he provided to key NHS workers at the Chelsea Hotel during the pandemic?
Nah – these things only ever work one way.
Non-doms were not liable to UK tax on income “earned” abroad in other tax jurisdictions. We’re not the USA. A decision to invest in a particular Hedge Fund is not managing the hedge fund. The Grauniad is making things up again
If the BBC is to be believed his Superyachts were “commercial operations” i.e. available for charter, and this made their purchase VAT free apparently. Also duty free fuel i believe is for commercial operations. So a BBC article i read did claim to have him pictured on christmas day on his superyacht when it was ostensibly chartered to a company, and subsequent investigations revealed he did control or have the benefit of that company. And what charters there were mysteriously seem to cover the costs of the operation only and no profits. So i can quite believe there is a genuine question of avoidance or evasion here. But he probably just wanted to avoid as much as possible and its really just a question of (a) how people (i.e. journos/activists) want to spin it, he’s not likely to get the benefit of the doubt, b)how good or bad his advice was.
may owe HMRC £1bn for unpaid taxes
Is that on top of how much he owes in unpaid taxes?
see Lewis Hamiltons jet for a similar tax avoidance story.
If they did it right it’s not VATable
Usual thing, or certainly was many years ago: yachts, planes, houses all owned by companies in sunny places for shady people….
djc- yes unless you’re going to use it 365 days a year then you’d have to be a very spendthrift billionaire not to want to defer some of the cost of the permanent crew, mooring and maintenance of keeping it in the water.
But shurely these tax rules were devised by the Rolls-Royce brains of HMG and HMRC, so if anyone is to blame it’s them…?
I refer to Lord Clyde again – Ayrshire Pullman Motor Services v Inland Revenue [1929]