Hamilton

[Sakae 0]

6 November 2017   15:33 (CET)

Quote

Lewis Hamilton's name has appeared in the massive batch of 'Paradise Papers' released on Sunday, which reveal secrets of the world's elite hidden wealth.

The documents allege that Hamilton used offshore entities to shelter himself from the payment of a hefty value added tax bill estimated at £3.27 million and associated with the purchase and ownership of his private jet, a Bombardier CL605 Challenger

Normally people go to jail for not paying taxes.

Here

[Massa 0]

[Not defending the laws that allow the rich to avoid taxes, nor am I defending the people who take advantage of them].

"Not paying taxes" is not a clear enough statement.

There is tax evasion (illegal) and tax avoidance (legal, unfortunately—and certainly not always ethical, even if legal).

Tax evasion may get you jail time.  Tax avoidance is the goal of the teams of lawyers and accountants rich people hire.  Of course, very aggressive tax avoidance can turn into tax evasion, but that tends to not be punished with jail.

I haven't looked into this much; I am not a British tax lawyer.  Certainly, offshore entities cross into tax evasion all the time.

But even if they determine this is evasion, the rich elites like Lionel Messi and Valentino Rossi don't go to prison.  Both Messi and Rossi got a suspended sentence (meaning if they broke the law during that time, they'd go to prison, but they obviously don't break the law, and so they never serve the sentence) and paid millions to the tax authorities.

Also, Nico Rosberg came up in the Panama Papers, like Messi, for doing the whole shell corporation thing, but no one's ever prosecuted that issue.  An IndyCar star, Hélio Castroneves, used a shell corporation for tax evasion, too, but walked free.  Obviously, all of these are different jurisdictions; none are the UK.  But it's all the same: rich athletes who are like eighteen layers removed from their own finances don't go to jail when their lawyers/accountants push things too far.  Most countries just want to get paid; the rich athletes pay them.  Everyone moves on.

So, you're really sensationalizing it with the "jail" thing, cowboy.

[Sakae 0]

I understand basic concepts, however in this case it has been alleged, that people did not declared foreign accounts. There is usually one or two reasons for it - I forgot, or I didn't want to declare it because I was conscious of consequences such disclosure might have. it is not that complicated. I am not judging this case as a slam dunk deal, but in general terms it is reasonably accurate to say that cheating (and pi****g) a tax man will lead to no good end, cowboy or not.

[Massa 0]

And in general terms, it is reasonably accurate to say that A LOT of athletes have evaded taxes and while they get in legal trouble, they do not go to jail, as you fantasize for Hamilton.

[Sakae 0]

OK.

[Publius Cornelius Scipio 0]

as long as he can prove that his private jet was used mainly for business (ie leased to other people) he will be ok, if he can't prove that he might have to pay a fine based upon the tax refund that he received by importing it into the Isle of Man.

It's a bit like what happened to Flavio Bratore a few years ago who registered his yacht in Malta and then said that it was for bsuiness use and so could claim a refund on the VAT paid for the fuel, he paid a fine and it was over

Hamilton won't end up in jail, and luckily for him there are much bigger and more profile fishes in this pond 

[Sakae 0]

7 November 2017   12:15 (CET)

Several papers revealed details on purchase of his Bombardier jet and it is alleged there was no import tax paid. His accountants set him up with an offshore paper companies (which he owns), and then he allegedly leased his Bombardier jet from his own company. It is quite convoluted story which is  hard to follow, spiked with multi-layered lease agreements in several exotic places. Well thought out plan (by his accountants), and he didn't realize that not paying taxes seems rather unusual, because his defense is - it's not me, it is my accountant.

He is using European airport services and roads without paying for it. (I guess then its up to us Europeans to pay our, and also his portion of taxes to maintain the infrastructure up to snuff). He is actually being investigated in my understanding by authorities and it is hard to say how it ends up. I expect that he might be asked retroactively pay a few bucks. There is no question, paper alleges, that he used the jet for his own pleasure trips. Funny thing is, he received also rebate as a "businessman" on his jet purchase. (Over Mill). Nice.

[Massa 0]

It seems to me that what he and his team of lawyers/accountants did is unethical.

It seems to me that it was probably illegal, too.

It is no surprise that a driver I like proves to be bad in the end!

[Sakae 0]

8 November 2017   10:58 (CET)

Jury is out, and as much I feel pain keeping quiet, it is unethical to condemn someone without waiting for an administrative assessment of his case despite difficulties to stay civil when just idly talking about it. It's too much of it all over, and all at once. I do no like the guy, never have, thus I need to be extra careful with my descriptions, however optics of it bear olfactory properties. Moreover, I find very little satisfaction in realization that this is one more of those things which fits mental puzzle I have of him for so many years. One British MP reminded us that laws are on the books, its just no one is enforcing those. Maybe they should.

[Publius Cornelius Scipio 0]

Interesting article from the Guardian

https://www.theguardian.com/sport/blog/2017/nov/08/lewis-hamilton-air-miles-paradise-papers-sports-personality-of-the-year

it seems that Hamilton is hoping to be knighted 

[Publius Cornelius Scipio 0]

Interesting article from the Guardian

https://www.theguardian.com/sport/blog/2017/nov/08/lewis-hamilton-air-miles-paradise-papers-sports-personality-of-the-year

it seems that Hamilton is hoping to be knighted 

[Sakae 0]

8 November 2017   17:48 (CET)

Quote

Lewis Hamilton received a £3.7m VAT refund on his £16m private jet using an Isle of Man scheme, leaked documents reveal. 

Quote

British tax authorities will begin their review of 231 tax refunds, at least one of which is Hamilton's, later this month.

His defense:

- I pay enough taxes.

- I am part of bigger picture keeping 1000 people employed....

 

 

(I didn't know he consider himself co-owner of MB F1 team, and has right to claim that).