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Tax Haventastic

diondion
in Local discussion
https://www.harringayonline.com/forum/topics/private-eye-searchable-map-of-properties-owned-by-tax-haven-off

Interesting discussion over at the other place, every time you enter Londis or indeed most of the shops at the South End of Ferme Park Road, you are actually crossing the sea and landing on the Isle of Man. How exotic!

I haven't looked too closely, but with a Corporation Tax of 0%, all the rents from those properties will be flowing out tax free and sitting in the IoM, untaxed.

Oooh http://www.isleofman.com/about-the-isle-of-man/taxation/ if you are interested shows how little tax can be paid over there.
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  • MarxandMarzipanMarxandMarzipan
    This isn’t really accurate. Non-UK resident landlords have to register with HMRC to pay UK income tax on their net rental income at 20%, otherwise the tenant or letting agent should be withholding 20% tax from gross rent and paying that to HMRC. From April 2020, non-UK resident companies will be within UK corporation tax rules like UK companies on UK property income. The advantage of non-resident companies has largely been that gains are not taxed. But that is also changing - from April 2019. People did try to take development profits in IOM/Jersey/Guernsey without UK tax, but any scope for doing that within the law has been shut down by modernisation of the tax treaties with these countries a couple of years back.
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