Newcastle At Centre Of Tax Relief Exploitation Row
You could hardly get a better insight into how people with money can earn even more thanks to being able to employ people to exploit loopholes on their behalf.
A £264m construction scheme has still not got a single tenant signed up after over two years, this followed a controversial tax relief deal being struck.
The Cobalt business estate site just off the Coast Road near Silverlink (Wallsend) has been branded a tax avoidance scheme by the chair of the Commons public accounts committee, Margaret Hodge. She also said that such enterprise zones that enabled tax relief should be about job creation and not exploitation by ‘greedy individuals’.
This excellent piece by David Conn for The Guardian is required reading and the more these schemes are exposed and the people behind them, the better for all of us.
Amongst those who took advantage of the project/loophole were Arsene Wenger, Roy Hodgson, Wayne Rooney, Mikel Arteta and Everton’s Fellaini, Jelavic and Distin.
The investors paid in £79m collectively and under the tax arrangement agreed, the investors have made a £52m profit from HMRC (us!).
Obviously nobody is claiming that anyone broke any rules, at least not moral ones.
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