Originally posted by BolshieBastard
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However, I digress. Please explain exactly why I need a UK passport when I no longer travel abroad? Furthermore, please explain why you think one needs a passport when using a scheme that was based and operated in the Isle of Man? Please also explain why you have decided a passport is necessary for someone, anyone, to participate in an 'offshore' tax scheme? Is travelling abroad or the ability to travel abroad a requirement of participation in an offshore scheme? If so, could you point me in the direction of the exact regulatory requirements?
The irony here is that someone who does so hasn't even got British passport, but lives in the UK and thinks that reducing tax paid massively by using offshores is ok.
Yes that might be "within" the letter of the law, but it clearly isn't within the spirit, so don't whine then HMRC cracks down on your types using letter of the law rather than spirit, you fully deserved it.
As regards 3.5% taxation, I think you'll find that applied to one individual and not everyone on the scheme. But then again, you do seem to like generalisations.


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