A secret Inland Revenue strategy which for years has allowed some of the wealthiest people in Britain to escape paying their full potential tax bills, was in tatters last night after a senior High Court judge declared that it was unlawful.
Stories categorized “Tax and the rich”:
The richest man in Britain has used so many loopholes in UK tax law that he has not only saved himself millions of pounds in potential tax but, in at least one year, he and his UK businesses ended up receiving more money from the Treasury than they handed over.
Gordon Brown may want to keep a close eye on Mohammed Al-Fayed. In particular, he may want to watch the legal action which the controversial owner of Harrods launched last year against the Inland Revenue. There are people in Whitehall who say it may take the lid off another scandal involving gross tax avoidance by the rich.
Foreign millionaires have launched a furious lobbying campaign to protect the non-domicile loophole which saves them millions of pounds in tax each year while their accountants have started a rearguard action to shift their wealth so that Gordon Brown cannot tax it, even if he does change the law.
Hans Rausing has lived a fairy tale life. His home is a palace. His own private valley dips down through the trees to his own private lake. Inside, he walks on marble floors. In his strong room, he keeps silver plates and golden coins and whole hogs of bacon, because it is conveniently cool in there. And he is as rich as a dream.