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Bernie Ecclestone 'avoided £1Billion Tax Bill': Taxman 'did Sweetheart Deal' With Formula One Chief So He Had To Pay Up Only £10Million

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http://www.dailymail.co.uk/news/article-2614520/Bernie-avoided-1billion-tax-bill-Taxman-did-sweetheart-deal-Formula-One-chief-pay-10million.html

  • Deal could be overturned and F1 boss could again face a large bill
  • HMRC refuses to discuss allegations it quietly reached an agreement
  • Case focuses spotlight on 'sweetheart deals' with the super-rich
  • Calls for a new investigation into Mr Ecclestone and his family trusts

Nice I wonder if you're a pleb if HMRC is so accomodating?

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HMRC do this kind of horse trading on a daily basis with small business owners and self employed. Its an inevitable consequence of the complexity and vagueness of some of the tax rules. In the good old days (pre internet) they would simply apply the most advantageous (to them) interpretation and people would have no option but to stump up, but nowadays people are better informed so the revenue have to "negotiate". Hence the complex rules which used to work in their favour are now being used against them.

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Not that im a big fan of his but I bet there is a big gap between the £1bn and what is realistically owed. £10m may not be that much of a discount and we cant on the one hand slate the DM for saying house price worth X and then believe them when they say tax bill woth Y

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Inheritance tax is for the little people.

It's not for the likes of Tamara Ecclestone.

Why else would the British Govt run tax havens?

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Inheritance tax is for the little people.

It's not for the likes of Tamara Ecclestone.

Why else would the British Govt run tax havens?

Exactly - people always express astonishment at how tax loopholes and tax havens are allowed to exist. The simple and obvious answer is that they are for the benefit of the elite and well connected, to allow them to dodge tax legitimately and maintain their wealth.

It's only when enough of the plebs are able to use the loopholes or stuff money in the havens that anything is changed and even then there are more loopholes created/left open for the insiders to use.

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Exactly - people always express astonishment at how tax loopholes and tax havens are allowed to exist. The simple and obvious answer is that they are for the benefit of the elite and well connected, to allow them to dodge tax legitimately and maintain their wealth.

It's only when enough of the plebs are able to use the loopholes or stuff money in the havens that anything is changed and even then there are more loopholes created/left open for the insiders to use.

Yep. All at the top are thieving scum. There's no other way of putting it.

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Well, we have the most complex tax code in the world iirc. Obviously it's not complicated enough yet.

Heh - a friend posted this excerpt on FB the other day:

"Did the deceased make an election on form IHT500 'Election for Inheritance Tax to apply to asset previously owned' that an Income Tax charge should not apply to assets they previously owned, in which they retained a benefit, or the deceased's contribution to the purchase price of assets acquired by another person, but in which the deceased retained a benefit?"

Edited by tomandlu

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