Prince Bandar
Prince Bandar is reported to be the chief Saudi patron of Wafic Said[1]
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 Bandar is an 'absentee landlord' of his Cotswald manson, his large farming estate and the entire village of Glympton. They are registered offshore in the name of a Jersey company, which in turn is owned by a bank official and an accountant. Bandar's estate manager is reported to have explained that behind this lay a common scheme, a discretionary trust whose beneficiaries were members of the Bandar's family. He had been advised this would enable them to keep the property after his death and "Since he is not resident in this country, no liability for tax arises under this structure."[2]. 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, Rupert Allason, Wafic Said, Anthony Tabatznik and Isaac Kaye as others who are not the registered owners of their homes who may benefit from such a loophole.
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
