Offshore companies for property-holding

Mick Jagger - The Rolling Stones live at San S...

The practice is denying the country more than pounds 1billion a year in lost tax, including millions in stamp duty.

The Land Registry has calculated that in the past 12 years a total of 94,760 properties have effectively been placed offshore and beyond the reach of the taxman. They include castles, Highland estates, townhouses and even parking spaces.

The properties are worth some 200 billion pounds $A300 billion.George Osborne, the chancellor, is expected to crack down on stamp duty avoidance in this weeks budget. However, hundreds of millions of pounds in tax will have been lost through the use of this method.

Buck Island, British Virgin Islands - view fro...

Jagger, who has been non-resident for tax for 40 years, signed a 99-year lease on a property in Chelsea, west London, in 2008 through a company based in the British Virgin Islands BVI.

via UK chancellery to clamp down on properties held in offshore companies | The Australian.

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