Osborne’s Tax Summary

The Treasury say:

“The dividend income relates to shares in Osborne and Little Group Limited, a UK resident manufacturing company of wallpapers and fabrics that was founded by his father. The dividends are derived from shares that the Chancellor of the Exchequer owns directly, and also as life tenant* of a family trust, based and resident in the UK which holds, as its sole asset, shares in that company. The Chancellor of the Exchequer paid income tax on these dividends.”

Osborne and Little has been hit by its own offshore rowThe PM, Chancellor and Shadow Chancellor have all released summaries of their tax returns – the Leader of the Opposition still can’t find his…

*A life interest trust is a trust established to provide the beneficiary with (who is known as the ‘life tenant’) the right to receive the income (after expenses) from the trust.  This right is usually given for their lifetime.  On their death the trust fund passes to the other named beneficiaries, known as the ‘residuary beneficiaries’.  Basically it protects the family capital and ensures it passes to children rather than, for example, ex-wives… 

BBC’s £84 Million in Bermuda

SDFFSDD

Cameron’s taxes and the Panama Papers have led the BBC News bulletins for the past week, yet licence fee payers remain unenlightened about Auntie’s own offshore financial arrangements. What better place to start than the 2013 BBC Pensions report, which lists investments held by the Beeb’s £9 billion employee benefit scheme. Scroll down to page 16 and it is disclosed that the BBC used investment managers Nephila Capital Ltd to invest £84 million:

dsfds

Nephila Capital is a wholly owned subsidiary of Nephila Holdings Limited and is a Bermuda domiciled company. As the BBC lines up pundits to jump on the outrage bus about Dave’s £30,000 in a Panamanian unit trust, they stashed £84 million with investors based in Bermuda. There is lots more of this…

Look in the Mirror: Millions Held Offshore

“David Cameron has behaved like a chancer over offshore funds,” blasted the Mirror’s leader on Friday: “Voice of the Mirror says hard to believe the PM will end the use of offshore financial hideaways by the filthy rich when he is cut from the same cloth”. What the Mirror didn’t tell its readers is that their paper is also “cut from the same cloth”…

When Trinity Mirror tried to raise funds by issuing new shares to investors, it set up TM Finance (Jersey) Ltd, a “special purpose vehicle” to collect the proceeds offshore. Trinity Mirror’s annual report discloses the existence of “The Trinity Mirror Employee Benefit Trust”, a pension scheme whose beneficiaries could well include Mirror employees like chief offshore critic Kevin Maguire. Is it really Mirror Associate Editor our Kev’s trust? Appleby Global (Jersey) Ltd administer the Mirror’s offshore millions boasting: “Our fiduciary operation in Jersey has provided a broad range of offshore fiduciary and administration services… Our clients include high net worth private individuals and families along with an enviable array of global and UK businesses, such as… Trinity Mirror”. Please, tell us more about those “offshore financial hideaways”…

Then there is the Trinity International Restricted Share Plan, administered by Barclays Wealth Trustees (Guernsey) Ltd, another offshore trustee. Mirror, Mirror against the wall, who is the most hypocritical of them all?

UPDATE: Our Kev says “not me guv”.

READ: Cameron’s Tax Returns

Cameron has released his tax returns for the last six years. Wisely his inheritance was split into £300,000 from his father and a £200,000 gift from his mother in 2011, tax planning which will ultimately save him £70,000 in inheritance tax if his mother survives 7 years from the gift. Though Osborne’s pre-election Budget mockery of Miliband for “avoidance of inheritance tax” looks rich now…

Ken’s Spectacular Tax Hypocrisy

Ken Livingstone has gone on Russia Today to call for Cameron to be jailed over his taxes. That is the same Ken Livingstone who sheltered his earnings in a company so he could save £1,000-a-week in tax. Ken paid 21% corporation tax rate on £319,478 of earnings by invoicing to Silveta Ltd, instead of paying the 50% top rate of income tax. He also owned 99% of a similar company twice prosecuted for non-payment of taxes. Ken’s effective tax rate in 2012 was 14.5%. Today he laughably calls Cameron “the most hypocritical prime minister of my lifetime”…

Cameron Forgot to Mention Substantial Family Asset

cn-dc

cameron house 1

Yesterday in a very carefully worded statement Dave said the line:

“… I have some savings which I get some interest from and I have a house which we used to live in which we now let out while living in Downing Street. And that’s all I have.”

Amazingly he neglected to mention the family home in Chipping Norton that is surely a substantial asset – estimated to be worth over £2 million. An oversight, easily done…

Art Imitates Life: Labour PPB Star Racked Up Huge Debts

Who is the star of Labour’s new Party Political Broadcast? Top BBC luvvie Art Malik, an appropriate choice given he famously racked up huge personal debts of £80,000, owing £55,000 to the bank and £32,000 to the taxman. Enjoy him bemoaning inequality while standing in front of a £1,200 fridge:

Malik was just days from bankruptcy before he was bailed out by a role in Arnie’s film True Lies, where he played a jihadi baddie who was strapped to a missile and fired into a helicopter:

A more convincing performance.

Cameron: I Have No Offshore Trusts, No Offshore Funds

Faisal Islam: The leader of the opposition has called for an investigation into your tax affairs for your own interests. Can you clarify for the record that you and your family have not derived any benefit in the past and will not in the future from the offshore Blairmore Holdings fund mentioned in the Panama Papers?

David Cameron: Sure. Look, the investigation we need, first of all, is for HMRC, our tax authority, to use all the information that is coming out of Panama to make sure that everything is done, to make sure that companies and individuals are paying their taxes properly.

In many ways what is coming out of Panama is what we are introducing in our own country, which is a register of beneficial ownership, so everyone can see who owns what company.

I own no shares. I have a salary as Prime Minister and I have some savings which I get some interest from and I have a house which we used to live in which we now let out while living in Downing Street. And that’s all I have. I have no shares, no offshore trusts, no offshore funds, nothing like that.”

As Guido pointed out this morning, it was always highly unlikely that he would benefit directly.

UPDATE: At this afternoon’s Lobby briefing No 10’s line is definitive: “To be clear, the Prime Minister, his wife and their children do not benefit from any offshore funds.”

No, Cameron Did Not Answer Panama Claims in the Past

The news that David Cameron’s father ran an offshore fund which avoided paying UK tax is not new – four years ago the Guardian published an almost identical story revealing the existence of the “entirely legal network of offshore investment funds set up in tax havens such as Panama City”.[…]

+ READ MORE +

Osborne’s £4 Billion Budget Black Hole

So the Budget vote goes ahead tomorrow with a £4 billion spending black hole – the money to pay for the PIP u-turn will not be found until the autumn.

The government will also u-turn on the tampon tax and solar panels, not opposing Labour’s amendments.[…]

+ READ MORE +

Through The Keyhole: Lansman’s £1.5 Million Pad

lansman flat exterior

Guido readers will remember that People’s Momentum chief Jon Lansman runs the grassroots Corbynista group from a million pound luxury riverside apartment at Shad Thames. But where did the Bennite previously reside? This is Lansman’s former four-storey property in Shoreditch, which sold for £1,525,000 in April last year.[…]

+ READ MORE +

Mystery of ‘£5 Million’ Taxpayer-Funded Website That Ran For 3 Months

How much would you pay for this website about why we should all “back climate action”? £4,000? £40,000? Well, according to a data dump from the Department of Energy and Climate Change, ministers blew a staggering £4.9 million of taxpayer’s money on the beta site, which only ran for three months.[…]

+ READ MORE +

Guardian Cutting 250 Jobs

Guardian Media Group chief executive David Pemsel emails staff:

Given that over half our current costs are people, we propose to reduce our UK headcount by around 250 people. While protecting journalism remains our priority, we anticipate the impact will be spread across all departments, including editorial.

[…]

+ READ MORE +

Penny Mordaunt Given Pearl Necklace

A freshwater pearl necklace from the Chief of the Bahrain Defence Force, no less. The brutal regime also bestowed upon Penny a pricey Omega watch, revealed in the latest declarations of ministerial gifts out today. Gay-flogging Qatar meanwhile bunged Philip Dunne “Concord gents & ladies watches in gift box”.[…]

+ READ MORE +

Labour Flog Corbyn’s Signed Little Red Book For £400

Labour are holding their annual northern conference, which kicked off at last night’s private gala dinner and auction hosted by Jeremy Corbyn and Tom Watson. Interest piqued at one lot in particular – a copy of Chairman Mao’s Little Red Book, signed by Tom and Jerry themselves.[…]

+ READ MORE +

MEPs Open Book on When Kamall Will De-Syed

Capture

Fierce Tory Eurosceptic Syed Kamall’s continued dithering on his referendum decision has inspired MEP colleagues to open a book. Beatrix von Storch and Marcus Pretzell, both Alternative for Germany MEPs, have a £50 bet on whether he will actually manage to decide by June 23rd:

From: VON STORCH Beatrix
Sent: 10 March 2016 13:43
Cc: MEPs & ASSISTANTS-8th-Legislature
Subject: RE: BREXIT

Even in the ECR group we are wondering where Syed stands on this crucial issue.

[…]

+ READ MORE +



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