Mohamed Al Fayed
Donations to the Tories
Mohamed Al Fayed is reported to have given the Conservative Party £250,000 in 1980s[1]. He is also reported to have 'famously gave Tory MPs Tim Smith and Neil Hamilton cash in brown envelopes'[2].
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 Mohamed Al Fayed's Surrey mansion, Barrow Green Court, and his Scottish castle at Balnagown, are registered to Bocardo (a company in the tax haven of Liechtenstein). The company's shares 'are believed to be held in turn at Banque Gonet in Switzerland and controlled by Mr Fayed and his two brothers'.[3]. 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, Anthony Tabatznik, David Potter, Christopher Ondaatje, Lakshmi Mittal, Uri David, Rupert Allason, 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.
Fayed is an Egyptian citizen with Non-domiciled status in the UK. It is estimated that he could potentially avoid a possible total of £2m in capital gains tax, inheritance tax and stamp duty[4].
PR firm
- Athena PR promotes his Al-Fayed Charitable Foundation
References
- ↑ 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
- ↑ 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
