Lewis Hamilton, the F1 champion, saved money leasing £16m jet from himself

Lewis Hamilton, the F1 champion, saved money leasing £16m jet from himself”

Lewis Hamilton is making headlines again, though not because he recently clinched his fourth Formula One world championship in Mexico. Hamilton's lawyers say a tax barrister review found the structure was lawful and that it was not correct to say that no VAT had been paid on any of the arrangements. In Europe, VAT is calculated to be 20 percent of the purchase price.

Assuming Hamilton uses the plane for personal use one third of the time, he should have declared at least one third - £1.1m - of the £3.3m he saved on Value-Added Tax, according to the German newspaper Süddeutsche Zeitung, which obtained the 13.4m Paradise Papers documents and shared them with the International Consortium of Investigative Journalists.

Legitimate tax avoidance schemes are legal, and there is no suggestion Hamilton was involved in creating avoidance schemes. The Mercedes-AMG Petronas driver's leasing agreement stated that Hamilton would use the jet for 80 hours per month, while his company, Stealth Limited, would use it for 160 hours.

The paper reported he was not concerned with managing his business on a day-to-day basis and relied on professional advice. However, experts noted that the scheme allowed him to avoid tax that would have otherwise been due.

According to the so-called "Paradise Papers", Hamilton, 32, bought a £16 million Bombardier CL605 Challenger in 2013 through a series of offshore companies domiciled in the British Virgin Islands, Guernsey and the Isle of Man.

Hamilton appears to have set up another Isle of Man company to buy a £1.5m motorhome that he used at racetracks. No VAT appears to have been paid on that purchase either. Lawyer's representing the four-time F1 champion told the BBC that a "set of professionals in place who run most aspects of his business operations and that no subterfuge or improper levels of secrecy had been put in place".

Following questions from the Guardian, the Isle of Man government called in HM Revenue and Customs.

He appears to have received a 100% import VAT refund when experts say he should have paid tax in proportion to the amount of private use he meant to make. They claim there were no tax advantages to using the Isle of Man as opposed to the United Kingdom or another European Union member state for the import.

Like this


07 November 2017
Ashes 2017/18: Mason Crane relishing Test debut against Australia
Now a quartet of leg-spinners who give it a rip are appearing, in Crane, Josh Poysden, Matt Parkinson and Matt Critchley. Crane concentrated on the basics - his leg break rather than his variations - and was satisfied with his performance.

07 November 2017
Boston, Lawrence, among cities electing mayors Tuesday
That's about 90,000 voters - well below the 142,000 cast in 2013 when Marty Walsh claimed the open Boston mayoral seat. Galvin stressed that he was guessing and said turnout numbers can be hard to project.

07 November 2017
Brian Cashman talks Joe Girardi and managerial search
He also dismissed reports of a fractured relationship with Girardi in recent years. Girardi was at the end of his four-year contract.

07 November 2017
Weinstein hired investigators, ex-intel agents to suppress misconduct allegations
One of the firms Weinstein enlisted in this effort was Black Cube, which is loaded with former Mossad agents. During the first meeting, Filip offered McGowan $65,000 to speak at a gala event later that year.

07 November 2017
Stop Kashmir talk in your parliament, India tells UK
New Delhi made it clear to the British delegation that Kashmir is an integral part of India and such activities should be checked. Rijiju said that the Kashmir issue was being raised in the British parliament at the behest of some MPs of Pakistan origin.

07 November 2017
Melania Trump visits luxury pearl retailer in Tokyo
About five strokes later, Melania had written the first character for " peace " in Japanese and Akie wrote the second. President Trump is on an 11-day trip to Asia to improve relations and discuss the nuclear threats from North Korea.

07 November 2017
Gujarat elections: Amit Shah to launch BJP's 'Maha Sampark Abhiyan' on Tuesday
Shah was an MLA from Naranpura constituency before getting elected to the Rajya Sabha in August this year. Prime Minister Narendra Modi and BJP chief Amit Shah's prestige are online as they come from the state.

07 November 2017
EPS for Iron Mountain Incorporated (Delaware) REIT (IRM) Expected At $0.56
Moreover, British Columbia Invest Mgmt Corporation has 0.08% invested in Iron Mountain Incorporated (Delaware) REIT (NYSE:IRM). Adage Capital Prtn Group Inc Inc Lc reported 0.03% of its portfolio in Iron Mountain Incorporated (Delaware) REIT (NYSE:IRM).

07 November 2017
Trading Watch: Shares of Nuveen California Divadv Fund (NAC) Noted Over Chikou
Moving averages can be used to help smooth information in order to provide a clearer picture of what is going on with the stock. After a recent check, the 50-day Moving Average is 28.12, the 200-day Moving Average is 34.02, and the 7-day is noted at 28.40.

07 November 2017
UD field hockey team starts quest for another nat'l championship
Stanford won its third-consecutive Pac-12 championship this past season after compiling a ideal 11-0 league record. This is the second time in Arizona history that the program has been selected to host an NCAA Tournament match.