Dodgy deals on wheels

[TheCyclingProgrammer]

If you thought Jimmy Carr getting caught out with his failed offshore avoidance scheme was funny, then check this out:

BBC - Newsbeat - Former Radio 1 DJ Chris Moyles 'accepts' tax ruling

The scheme worked by allowing its members, said to include other celebrities and high-earners, to say they had incurred large fees while working in the second-hand car trade.

More: https://www.gov.uk/government/news/s...cheme-scrapped

[TheCyclingProgrammer]

From the ruling:

- that his turnover from the trade in used cars was £3,731,
- that he had paid an interest charge of £63, the cost of goods sold was £3,827 and he had incurred other finance charges of £1,000,000, resulting in total loss of £1,000,159.

[doodab]

I always thought he was an utter knobhead. Looks like I was right.

[AtW]

Tulip like this should be deemed as tax evasion with appropriate penalties dished out.

[northernladuk]

The tribunal said that a realistic view of the facts showed that the appellants’ aim was to make it appear, “as though by magic”, that they had incurred vast fees in order to borrow modest amounts of money they did not need in order to invest it in a “trade” they had no desire to pursue.

You know you are ****ed when the prosecutors have to use the term 'as though by magic' as the only way they can explain your scheme.

[d000hg]

I always thought he was an utter knobhead. Looks like I was right.

I like him but this sure takes the biscuit. Other schemes seem to be based on some core of legal truth, this is just out and out lying.

[VectraMan]

Tulip like this should be deemed as tax evasion with appropriate penalties dished out.

How can lying to HMRC possibly still be avoidance? It's like claiming the money you're paid is a loan when there's no intent or requirement to pay it back; it's a lie. And if you're going to lie to HMRC you may as well write a lower number on your self assessment and not arse about pretending that it's somehow legal.

[BrilloPad]

Tulip like this should be deemed as tax evasion with appropriate penalties dished out.

Start with Amazon, google, starbucks etcetc. first.

[suityou01]

Start with Amazon, google, starbucks etcetc. first.

Some much needed perspective, thank you scourer.

I take it Majestic12 is whiter than white?

[Bunk]

How can lying to HMRC possibly still be avoidance? It's like claiming the money you're paid is a loan when there's no intent or requirement to pay it back; it's a lie. And if you're going to lie to HMRC you may as well write a lower number on your self assessment and not arse about pretending that it's somehow legal.

By calling this tax avoidance it helps to confuse avoidance and evasion, which is what HMRC want of course.