Today marks the beginning of Shepway District Council’s (SDC) consultation about the Otterpool Park Development. At Sellindge Sports & Social Club between 2pm & 5pm you can have your say in shaping the Otterpool Parkmasterplan. The SDC roadshow will move onto Hythe Town Hall between 6.30pm – 8.30pm (Dec 8th 2016).
However, the information SDC have given the public thus far about Otterpool Park is not the whole truth. SDC in short are being more than a little disingenuous,they are trying to deceive us, pull the wool over our eyes.
In a consultation to give ones comments, one needs ALL the facts, not just some of them.
Now little did you know that Investors in Private Capital Ltd is owned bywellington-estates-ltd which is registered in the low tax jurisdiction of the British Virgin Islands (pictured), as is Cozumel Estates Ltd. Nor, no doubt did you know that Investors In Private Capital Ltd have donated the princely sum of £479,400 to Conservative coffers (MP’s & Central Party)
(All information comes from the Electoral Commission datasets)
Do donations buy influence or access? It would it appear they they might as on the 5th February 2014 at the Tory annual winter fund-raiser the former Prime Minister David Cameron sat down for dinner, according to the table plan, with Simon Reuben among others. So what do you think?
Offshore entities, such as Cozumel Estates & Wellington Estates can potentially enable tax avoidance as they encompass the establishment of multiple opaque firms. Simply put, it is a very real possibility that we are looking at a classic case of big business using the tried and tested method of layering to avoid paying taxes.
Tax avoidance is legal whilst tax evasion is not. However, the net is closing on such tax schemes, new rules introduced by HMRC in July 2016 seek to impose tax on profit from dealing in or developing property (such as Otterpool Park) in the UK. Although not yet in force, they are retrospective in effect, and of notable significance is the ‘anti-fragmentation rule’ which is ‘intended to preserve the UK tax base by consolidating the position of the relevant connected entities insofar as their activities amount in substance to a UK property trade and are not otherwise charged to UK tax.’ (HMRC March 2016).
This means that in the future, it should be increasingly difficult for property companies registered abroad to avoid UK tax. At the moment, companies which are not wholly UK based are able to arrange their financial affairs so that profits generated through UK property trading and development, escape UK taxes and charges. As demonstrated by the affairs of the Reuben Brothers, setting up multiple subsidiaries in secrecy jurisdictions and tax havens is one of the ways to do this.
Anyway, when you visit the consultation please do ask SDC why they have been disingenuous and not told you the people of Shepway the whole truth about that initial collaboration agreement as the cat is out of the bag
There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in this blog post have broken the law or otherwise acted improperly.
