Welsh town declares itself offshore for tax purposes

[VectraMan]

They had made plenty, already, by setting up the Virgin Islands shell company, selling the company premises for 4.9 million, then taking out all the proceeds out in dividends, 5.2 million, in 2005.

Essentially asset stripping.

I suspect the subsequent losses were due to buying / setting up new premises.

Ching feckin' ching

I went back and read your Mirror link again, and it doesn't say that at all. It says they sold the property to an overseas buyer and then paid a dividend as a result from their UK company (and so must have also paid appropriate CT). Obviously they want you to jump to the conclusion that Osbourne & co. were behind the Virgin Islands company, but the article is careful not to say that, and actually says "There is no suggestion either firm did anything illegal or that Osborne & Little avoided tax."

So is it illegal/immoral to sell something to a company that happens to be in a tax haven?

[MrMarkyMark]

I went back and read your Mirror link again, and it doesn't say that at all. It says they sold the property to an overseas buyer and then paid a dividend as a result from their UK company (and so must have also paid appropriate CT). Obviously they want you to jump to the conclusion that Osbourne & co. were behind the Virgin Islands company, but the article is careful not to say that, and actually says "There is no suggestion either firm did anything illegal or that Osborne & Little avoided tax."

So is it illegal/immoral to sell something to a company that happens to be in a tax haven?

True, maybe my reporting was a little Sun like .

However, I would be very surprised if the trust did not have something to do with the set up.
Obviously, the Osborne's wouldn't know anything about it.

[DaveB]

I went back and read your Mirror link again, and it doesn't say that at all. It says they sold the property to an overseas buyer and then paid a dividend as a result from their UK company (and so must have also paid appropriate CT). Obviously they want you to jump to the conclusion that Osbourne & co. were behind the Virgin Islands company, but the article is careful not to say that, and actually says "There is no suggestion either firm did anything illegal or that Osborne & Little avoided tax."

So is it illegal/immoral to sell something to a company that happens to be in a tax haven?

Just like there was no suggestion that many tax avoidance schemes were illegal. Didn't stop Dave and Co. bleating about "the spirit of the law", "fairness" and schemes being "morally wrong".

[MrMarkyMark]

Just like there was no suggestion that many tax avoidance schemes were illegal. Didn't stop Dave and Co. bleating about "the spirit of the law", "fairness" and schemes being "morally wrong".

Only "little people" pay taxes, in any case, we all know that.

They didn't do anything illegal, but, I'm sure they made big, out of both sales.
Only then did they declare losses, in subsequent years, as they had effectively stripped one of their main assets, out of the company.

[d000hg]

Just like there was no suggestion that many tax avoidance schemes were illegal. Didn't stop Dave and Co. bleating about "the spirit of the law", "fairness" and schemes being "morally wrong".

Just as people here bleat about big corps avoiding tax legally.

[DaveB]

Just as people here bleat about big corps avoiding tax legally.

Not quite, they bleat about big corps not being subject to the same vilification and bullying as individuals.

[MrMarkyMark]

Not quite, they bleat about big corps not being subject to the same vilification and bullying as individuals.

+1 This for me.

As I said only "little people" pay taxes.
We might like to think we are "big people" but we are not

[LondonManc]

+1 This for me.

As I said only "little people" pay taxes.
We might like to think we are "big people" but we are not

d000hg is. You can tell by the way he patronises us at every turn. (That means talking down to us btw)

[d000hg]

d000hg is. You can tell by the way he patronises us at every turn. (That means talking down to us btw)

Better than being a small man.

[LondonManc]

Better than being a small man.

Your wife didn't complain. Mind you, after the first two inches, she felt brand new.