Taxwatch Update – 8 Feb 2016

Hi folks – just a brief update on one or two items if interested…

  • Dennis points out:  “On a similar theme to ‘The Town that took on the Taxman’ – there is a programme on Channel 4 on Monday 08/02/2016 @ 20:00 to 20:30 called ‘How the Rich Avoid Tax’, which some of our fellow Taxwatchers may be interested in.  I will be particularly looking out to see what they say about wealthy television people being paid through their production companies!!”

  • Another member has sent in this story from the Wall Street Journal:  “A former top financial regulator who wrote a book on corporate governance worked as a director of Heather Capital, the $600 million hedge fund whose collapse has sparked a police investigation.  John Bourbon, a former managing director of the Cayman Islands Monetary Authority and head of supervision at the Isle of Man Financial Supervision Commission, was a director of Isle of Man-based Heather from 2006 onward, according to corporate filings.”  The journal points out Mr Bourbon is not accused of any wrongdoing.  Here’s the full story:

http://www.wsj.com/articles/former-top-financial-regulator-worked-at-collapsed-hedge-fund-heather-capital-1429169166

  • Just in case anyone thinks we’re Fifth Columnists for HMRC, here from Dennis is a top tax-saving tip exclusive to Taxwatch & PAG members!  He comments: “The UK’s Insurance Premium Tax (IPT) does not apply in the IoM (if that is where the risk is located) but we may get accidentally charged by UK suppliers.  This has become of more significance as the rate was increased from 6% to 9.5% in the July 2015 UK Budget.  When I was renewing our RAC membership just recently, I noticed that it said that it included IPT – I hadn’t previously realised that this was an insurance policy.  I queried this and after investigation they confirmed that I was correct and they would be sending me a cheque to refund the amount of IPT paid over the last 6 years (as far as their records go back).”
  • More comment from Dennis on beneficial ownership register and the Scottish Power story can be viewed at our Facebook page:

https://www.facebook.com/groups/265552826902505/permalink/328210203970100/

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