Is this acceptable?

[Kwacky]

https://www.bbc.co.uk/news/business-48481320" onclick="window.open(this.href);return false;

A wealthy businessman who lived a life of luxury paid just £35.20 income tax, a BBC investigation has discovered.

Frank Timis rented a £14,000-a-month penthouse and spent thousands dining in London's finest restaurants.

But his personal tax return for 2017 shows he paid just £35.20 in tax, after claiming that he had hardly any income from his worldwide business empire.

Mr Timis's lawyers say he has fully complied with all of his tax obligations.

Documents leaked to BBC Panorama and Africa Eye also reveal how Mr Timis managed to do this.

They show that in 2017, Mr Timis received payments totalling £670,000 from his offshore trust.

These were mainly payments called distributions, which should have been taxable. But shortly before he submitted his tax return, Mr Timis allegedly asked the trust to turn the distributions into untaxable loans.

A backdated loan agreement was created making the loans look legitimate.


These loopholes really do need to be closed.

[Cav]

It takes money to make money and that won't change while those in power are greedy. Unfortunately, those in power will always be greedy.

[D41]

Is the IRS investigating this, or just the BBC??

[Cavetroll87]

see stuff like this (not to that extent) everyday with self employed when looking at mortgages. That is why people think if your self employed you cant do mortgages, its more a case of them not declaring income therefore they cant get the mortgage.

[duke63]

It’s not acceptable and it’s no longer legal.

I hope HMRC are now doing a thorough investigation.

[D6Nutz]

It’s not acceptable and it’s no longer legal.

I hope HMRC are now doing a thorough investigation.

They'll do what they normally do in this situation...

Try and close loopholes by creating amazingly complex laws that even they don't understand and succeed only in **** over small businesses as they can't fight back.

Those with the money will always be able to afford enough advice to avoid HMRC.

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