Rupert Allason
Rupert Allason is the former Tory MP for Torbay[1]. In 2002 he was described by a judge as "one of the most dishonest witnesses" he had ever seen, over his financial affairs[2].
Allason is also spy writer under the name Nigel West[3].
Tax loophole
In an article in 2002 on the subject of how 'Rich people are costing Britain millions in lost tax by not registering their houses in their own names', the Guardian reports that Allason's second home in Aldworth on the edge of the Berkshire downs, is owned by Panama company Polarpark Enterprises (since around 1980).[4]. The company in turn is owned by a trust, whose beneficiaries in Bermuda are Allason's children. According to The Guardian, Allason's wife was Bermudian 'and her foreign domicile appears to make this scheme legal'. Allason is quoted as saying "Don't associate me with setting this up for tax purposes just because my ex-wife happens to be Bermudian. I don't know anything about the tax position." The article claims that through the exploitation of legal loopholes 'wealthy individuals... appear to be enjoying the country's choicest property virtually tax-free'. The article also mentions Margaret Thatcher, Mohamed Al Fayed, David Potter, Christopher Ondaatje, Lakshmi Mittal, Uri David, Anthony Tabatznik, Wafic Said, Prince Bandar and Isaac Kaye as others who are not the registered owners of their homes who may benefit from such a loophole.
It is estimated that Allason could potentially avoid an estimated £150,000 on capital gains tax and £300,000 ininheritance tax for his home Croftdown, Aldworth in Berkshire[5]
References
- ↑ Evans, R & Hencke, D. (2002) 'Tax loopholes on homes benefit the rich and cost UK millions'. The Guardian 25th May 2002. Accessed 22nd May 2008
- ↑ Evans, R & Hencke, D. (2002) 'Tax loopholes on homes benefit the rich and cost UK millions'. The Guardian 25th May 2002. Accessed 22nd May 2008
- ↑ The Guardian 'Special Investigation: Tax loopholes on homes benefit the rich and cost UK millions: Choice homes, virtually tax free'. 25th May 2002
- ↑ Evans, R & Hencke, D. (2002) 'Tax loopholes on homes benefit the rich and cost UK millions'. The Guardian 25th May 2002. Accessed 22nd May 2008
- ↑ The Guardian 'Special investigation: Tax loopholes on homes benefit the rich and cost UK millions: Choice homes, virtually tax free'. 25 May 2002
