One of the Tory party’s biggest donors has been ordered to pay back millions of pounds in tax after a judge ruled against an offshore scheme he had used to slash his bills.
The judge said a Guernsey-based trust set up by hedge fund boss George Robinson, one of the City’s highest-paid financiers, was ‘cosmetic’ and told him and three colleagues to pay the taxman £13 million.
Mr Robinson, who is facing a personal bill of more than £2 million, used an arrangement favoured by top footballers and City banks such as Goldman Sachs after being advised it could help him avoid tax.
But Revenue & Customs challenged the offshore arrangements, and now a tax tribunal has ruled in its favour. This will embarrass David Cameron, who has called aggressive tax-dodging ‘morally wrong’.
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I wonder if Cameron will ‘name’ him?
I don’t know why I said ‘wonder’ when I already know the answer!
Further proof that the aggressive approach being taken by the Coalition towards some of the more ingenious tax avoidance schemes is working. Danny Alexander is to be congratulated
These and other related scandals tarnish politics, and all politicians, by association.
We should reform party funding rules forcing political parties to adopt a low cost decentralised existence and to rely on their mass membership, rather than wealthy individuals, companies, charities or unions.
As with football, big money in politics relegates the fans to the sidelines. Smaller, more passionate, organisations please!