Trouble for the IOMAR ahead?
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Trouble for the IOMAR ahead?
PMQs: Corbyn and May on HMRC staff and UK tax avoidance - BBC News
Storm in a teacup hopefully. JC would not be a great advocate of private/corporate aviation it seems.
“Jeremy Corbyn called on the prime minister to give more resources to tackle the "scourge" of tax avoidance, following allegations leaked from a Bermuda-based law firm.
Among the leaks were allegations of 957 "business jets" imported to the Isle of Man.
Theresa May said HMRC takes the issue of tax avoidance "very seriously" and would take action "where appropriate".”
From the BBC news website.
Storm in a teacup hopefully. JC would not be a great advocate of private/corporate aviation it seems.
“Jeremy Corbyn called on the prime minister to give more resources to tackle the "scourge" of tax avoidance, following allegations leaked from a Bermuda-based law firm.
Among the leaks were allegations of 957 "business jets" imported to the Isle of Man.
Theresa May said HMRC takes the issue of tax avoidance "very seriously" and would take action "where appropriate".”
From the BBC news website.
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I think the figure of 957 may be the total number of aircraft that have ever held an IOM registration, many aircraft are registered for just a few days until the deal goes through, then go onto another register.
I think the actual number at any one time is around the 500 figure.
There are many reasons for registering aircraft on the IOM register other than tax avoidance, a high number of business aircraft based in Israel are IOM registered for ease of overflights in the ME, ditto aircraft in Cyprus flying to Russia, if registered with Cypriot registration they could not overfly Turkey.
One factor of operating a private aircraft on the IOM register is the pretty good service provided by the Registry, they actually answer the phone and help sort out problems.
I think the actual number at any one time is around the 500 figure.
There are many reasons for registering aircraft on the IOM register other than tax avoidance, a high number of business aircraft based in Israel are IOM registered for ease of overflights in the ME, ditto aircraft in Cyprus flying to Russia, if registered with Cypriot registration they could not overfly Turkey.
One factor of operating a private aircraft on the IOM register is the pretty good service provided by the Registry, they actually answer the phone and help sort out problems.
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Ah, of course all done for "the pretty good service".
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Some intelligent commentary on the matter from Corporate Jet Investor:
https://corporatejetinvestor.com/art...panorama-icij/
https://corporatejetinvestor.com/art...panorama-icij/
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ShotOne, don't disagree with you, primarily UK based operators use the IOM registry to avoid VAT payments, I was just making the point that overseas operators have practical rather than financial reasons for registering their aircraft on the IOM.
Yes Sellbydate, it is a good article.
However it is still one sided, the goal of almost every business and individual of high net worth, is not the survival of the business (as in a small and medium sized business), or for how easy it is to answer the telephone.
Its all about keeping what they have.
So having an offshore tax efficient location within Europe with Lawyers that can handle complex business practices and mitigate tax is the causa principalis.
Anything else is just smoke and mirrors.
However it is still one sided, the goal of almost every business and individual of high net worth, is not the survival of the business (as in a small and medium sized business), or for how easy it is to answer the telephone.
Its all about keeping what they have.
So having an offshore tax efficient location within Europe with Lawyers that can handle complex business practices and mitigate tax is the causa principalis.
Anything else is just smoke and mirrors.
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...and for the individuals wondering just where to put their children's inheritance:
https://www.wis-international.com/of...sdictions.html
https://www.wis-international.com/of...sdictions.html
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“Jeremy Corbyn called on the prime minister to give more resources to tackle the "scourge" of tax avoidance, following allegations leaked from a Bermuda-based law firm.
Among the leaks were allegations of 957 "business jets" imported to the Isle of Man.
Theresa May said HMRC takes the issue of tax avoidance "very seriously" and would take action "where appropriate".”
Among the leaks were allegations of 957 "business jets" imported to the Isle of Man.
Theresa May said HMRC takes the issue of tax avoidance "very seriously" and would take action "where appropriate".”
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Just something I found
Well, now that the “paradise papers” have “pulled back the curtain” I have the following to share from 1929... Yeah, 1929:
As Lord Clyde famously outlined in his judgment in a case brought by the Revenue against a tax avoider in 1929:
“No man in this country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores. The Inland Revenue is not slow – and quite rightly – to take every advantage which is open to it under the taxing statutes for the purpose of depleting the taxpayer’s pocket. And the taxpayer is, in like manner, entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Revenue.”
Well, now that the “paradise papers” have “pulled back the curtain” I have the following to share from 1929... Yeah, 1929:
As Lord Clyde famously outlined in his judgment in a case brought by the Revenue against a tax avoider in 1929:
“No man in this country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores. The Inland Revenue is not slow – and quite rightly – to take every advantage which is open to it under the taxing statutes for the purpose of depleting the taxpayer’s pocket. And the taxpayer is, in like manner, entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Revenue.”
