Hammond Transferred Shares and Property to His Wife

Philip Hammond very sensibly says he will not be publishing his tax return, saving himself the grief that Corbyn had yesterday. It also saves the Chancellor from having to talk about Castlemead Ltd. In 2010 Hammond was the subject of a Dispatches investigation which accused him of “doing a Philip Green”, transferring 40% of his shares in Castlemead – which had already paid him millions in dividend payments – to his wife. The programme claimed that any payouts Mrs Hammond then received from the company could be taxed at a lower rate, potentially giving the Hammonds a nifty tax saving. The other 60% of the shares were put in a trust, of which he remains a beneficiary to this day. At the time Hammond strongly denied he had avoided any tax, though he confirmed tax on the dividends would be lower if his wife was in a lower tax band than him. He declined to discuss whether this was the case.

There’s more. In 2014 the Mirror reported that Hammond had gifted his share of a £600,000 property to his wife, meaning Mrs Hammond was now responsible for paying all tax on the rent from the property. The paper accused the Hammonds of using the move to avoid tax. Hammond insisted it was a “private matter” but said any suggestion the transfer was “designed” to avoid tax was “incorrect”. 

There is of course no suggestion that Hammond evaded any tax or did anything other than pay the amount of tax he owed. Guido is of the view that compelling politicians to reveal their tax returns is a slippery slope – how long before a politician argues we should be like Norway where members of the public have no privacy. Though you can see why the Chancellor would want to save himself the trouble of explaining all this…




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Jeremy Corbyn in the Evening Standard

“… we must also face the uncomfortable fact that a small number of our members and supporters hold anti-Semitic views and attitudes, which need to be confronted and dealt with more rapidly and effectively.

The evidence is clear enough. Labour staff have seen examples of Holocaust denial, crude stereotypes of Jewish bankers, conspiracy theories blaming 9/11 on Israel, and even one member who appeared to believe that Hitler had been misunderstood.

So let me be clear. People holding those views have no place in the Labour Party.

… we have not done enough to get to grips with the problem, and the Jewish community and our Jewish members deserve an apology. My party and I are sorry for the hurt and distress caused. … We must strive to understand why anti-Semitism has surfaced in our party…

… when criticism of or opposition to the Israeli government uses anti-Semitic ideas — attributing its injustices to Jewish identity, demanding that Jews in Britain or elsewhere answer for its conduct, or comparing Israel to the Nazis — then a line must be drawn.  Anti-Zionism is not in itself anti-Semitic and many Jews themselves are not Zionists. But there are also a very few who are drawn to the Palestinian question precisely because it affords an opportunity to express hostility to Jewish people in a “respectable” setting. Our movement must not be a home for such individuals.

Second, there are people who have come to see capitalism and imperialism as the product of conspiracy by a small shadowy elite rather than a political, economic, legal and social system. That is only a step from hoary myths about “Jewish bankers” and “sinister global forces”.

These views do no service to the struggle for a just society.”

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