That'll be £1bn please
Discussion
According to reports:
http://www.planetf1.com/driver/3213/50759/Ecclesto...
Ecclestone to be pursued for £1bn in unpaid taxes over the Bambino trust.
It was suggested at the time that HMIC were paying close attention to the Gribkowsky trial but when nothing happened my assumption was that any further action was dead. There were suggestions that some of the evidence given by Ecclestone contradicted earlier statements - as if - and it might appear that what was said has given them hope of getting some more back.
Sums vary. I've seen $1.4 to $1.6 bn but £1bn seems a reasonable compromise.
From the report it would appear that Ecclestone won't be going to many races this season.
http://www.planetf1.com/driver/3213/50759/Ecclesto...
Ecclestone to be pursued for £1bn in unpaid taxes over the Bambino trust.
It was suggested at the time that HMIC were paying close attention to the Gribkowsky trial but when nothing happened my assumption was that any further action was dead. There were suggestions that some of the evidence given by Ecclestone contradicted earlier statements - as if - and it might appear that what was said has given them hope of getting some more back.
Sums vary. I've seen $1.4 to $1.6 bn but £1bn seems a reasonable compromise.
From the report it would appear that Ecclestone won't be going to many races this season.
I think it is more likely that the HMRC have seen that Bernie paid $100 million to end the German trial and if they go after him for 1 Billion he may do a deal for £100 million to end the case.
But Bernie is fighting back:In response,Ecclestone has taken the decision to sue HMRC for what he sees as its failure "to respect a decision made back in 2008".
I guess all the very wealthy people in the UK whether British or Foreign do not pay the tax they are meant to as there as so many loop holes to avoid paying it.People like Philip Green who owns some farge high street fashion shops lives in Monaco so probably does not pay any UK tax.Amazon in the UK have some sort of tax fiddle with another European country and pay very little UK tax.
Whether you like Bernie or not at least he has chosen to live in the UK and although he may have not payed every bit of tax he should have has over the years paid HMRC a hell of a lot of money.
If I was Bernie at his age I would move from the UK and live in his properties in Switzerland and Monaco and enjoy the lovely weather.
But Bernie is fighting back:In response,Ecclestone has taken the decision to sue HMRC for what he sees as its failure "to respect a decision made back in 2008".
I guess all the very wealthy people in the UK whether British or Foreign do not pay the tax they are meant to as there as so many loop holes to avoid paying it.People like Philip Green who owns some farge high street fashion shops lives in Monaco so probably does not pay any UK tax.Amazon in the UK have some sort of tax fiddle with another European country and pay very little UK tax.
Whether you like Bernie or not at least he has chosen to live in the UK and although he may have not payed every bit of tax he should have has over the years paid HMRC a hell of a lot of money.
If I was Bernie at his age I would move from the UK and live in his properties in Switzerland and Monaco and enjoy the lovely weather.
btcc123 said:
I think it is more likely that the HMRC have seen that Bernie paid $100 million to end the German trial and if they go after him for 1 Billion he may do a deal for £100 million to end the case.
But Bernie is fighting back:In response,Ecclestone has taken the decision to sue HMRC for what he sees as its failure "to respect a decision made back in 2008".
I guess all the very wealthy people in the UK whether British or Foreign do not pay the tax they are meant to as there as so many loop holes to avoid paying it.People like Philip Green who owns some farge high street fashion shops lives in Monaco so probably does not pay any UK tax.Amazon in the UK have some sort of tax fiddle with another European country and pay very little UK tax.
Whether you like Bernie or not at least he has chosen to live in the UK and although he may have not payed every bit of tax he should have has over the years paid HMRC a hell of a lot of money.
If I was Bernie at his age I would move from the UK and live in his properties in Switzerland and Monaco and enjoy the lovely weather.
Yes, plenty of wealthy people do just what you or I do and avoid tax where they can. An example being Philip Green. People who don't like that can always lobby their MP to get the system changed.But Bernie is fighting back:In response,Ecclestone has taken the decision to sue HMRC for what he sees as its failure "to respect a decision made back in 2008".
I guess all the very wealthy people in the UK whether British or Foreign do not pay the tax they are meant to as there as so many loop holes to avoid paying it.People like Philip Green who owns some farge high street fashion shops lives in Monaco so probably does not pay any UK tax.Amazon in the UK have some sort of tax fiddle with another European country and pay very little UK tax.
Whether you like Bernie or not at least he has chosen to live in the UK and although he may have not payed every bit of tax he should have has over the years paid HMRC a hell of a lot of money.
If I was Bernie at his age I would move from the UK and live in his properties in Switzerland and Monaco and enjoy the lovely weather.
Others evade tax, which is what Mr. E is suspected of doing, and is why he's under the microscope.
belleair302 said:
Looking at the calibre of people working or HMRC from first hand experience Bernie has nothing to worry about. They are on a losing streak and have no real idea of sophisticated tax schemes. The solicitors and accountants will be getting richer, not HMRC.
He's not done too well of late. His Mrs costs him 'around' £100 million pa. He's recently had to pay a lot of money to get away with a prosecution. The last time HMRC had a go at him he gave them £10m.I can't remember where the more detailed story is, thought it was Saward... Anyway, I believe the case has pivoted on the fact that the deal made in 2008 was assuming that Bernie has no control over the Bambino trust fund, as is the law.
He paid off the incarcerated German fella from it. Therefore he controls those funds and they are taxable.
He won't want them poking around too much more either...
Seems pretty straight forward to me. Someone please correct me if I'm wrong.
Also, isn't Planet F1 owned by Sky in some manner?
ETA http://www.independent.co.uk/news/business/news/f1...
He paid off the incarcerated German fella from it. Therefore he controls those funds and they are taxable.
He won't want them poking around too much more either...
Seems pretty straight forward to me. Someone please correct me if I'm wrong.
Also, isn't Planet F1 owned by Sky in some manner?
ETA http://www.independent.co.uk/news/business/news/f1...
Edited by Firebox7 on Friday 22 May 22:21
Can he have it both ways? His defence to the bribery charge was that Gribkovsy knew that he had control of the trust, hence that was why he paid the, as described, bribe, and not for the reasons which were suggested by the prosecution.
HMRC have a very difficult case to pursue, with the law favouring being (deliberately some say) vague when it comes to lots of money. Part of the attraction of the UK to the mega rich is that prosecution is always a long drawn out affair due to the challenges available to those who can afford to pay for them. It's a bit like the 'open the box' scenario except that the banker is the defendant.
The best that HMRC are probably hoping for is an out of court settlement. Another £10?
It is only the small business owner who can be pushed around.
Let me tell you about a demand for nearly £10,000 in 3 weeks despite, as I have on tape, an admission by their chap that the error being theirs and that within 3 months they would repay all the money.
HMRC have a very difficult case to pursue, with the law favouring being (deliberately some say) vague when it comes to lots of money. Part of the attraction of the UK to the mega rich is that prosecution is always a long drawn out affair due to the challenges available to those who can afford to pay for them. It's a bit like the 'open the box' scenario except that the banker is the defendant.
The best that HMRC are probably hoping for is an out of court settlement. Another £10?
It is only the small business owner who can be pushed around.
Let me tell you about a demand for nearly £10,000 in 3 weeks despite, as I have on tape, an admission by their chap that the error being theirs and that within 3 months they would repay all the money.
FourWheelDrift said:
Small change to the small man. After all he gave £3.5 billion to his two harridan offspring who spunked it all away on houses, shoes and Chihuahua accessories in under 10 years.
Just look at those two idiots and then think about where all the money from F1 went to - what a waste of cash!rallycross said:
FourWheelDrift said:
Small change to the small man. After all he gave £3.5 billion to his two harridan offspring who spunked it all away on houses, shoes and Chihuahua accessories in under 10 years.
Just look at those two idiots and then think about where all the money from F1 went to - what a waste of cash!coyft said:
I think his defence was that even though he wasn't in control of the trust, Gribkovsky was going to tell HMRC he was and Bernie didn't want the hassle and aggravation this was likely to cause him.
I seem to remember that a judge, one named, remarkably, Newey, said that Ecclestone was untrustworthy and unbelievable. This was in a civil case, but more or less the same matter. I could not possibly comment of course.There are reports that part of the new evidence is that the settlement of the case was paid out of the Bambino trust.
myvision said:
rallycross said:
FourWheelDrift said:
Small change to the small man. After all he gave £3.5 billion to his two harridan offspring who spunked it all away on houses, shoes and Chihuahua accessories in under 10 years.
Just look at those two idiots and then think about where all the money from F1 went to - what a waste of cash!malks222 said:
I remember in an interview with bernie, he said not to believe everything written about his daughters in gossip columns, that investments/ property deals etc.... make them way more than they spend on designer hand bags. i'd be surprised if they've managed to blow £3bn between them.
I read the article and as well saying Bernie gave his girls 3.5 billion and at that time he was only worth a total of 4 billion so do not believe these figures.Also a couple of years ago I watched a programme about Bernie and he said the only substantial money he gave his girls was money for houses.He said he gave one of his girls something like 60 million to buy a house and the 20 odd million to do it up and seamed impresses that it was worth in the region of 150 million.
Derek Smith said:
Let me tell you about a demand for nearly £10,000 in 3 weeks despite, as I have on tape, an admission by their chap that the error being theirs and that within 3 months they would repay all the money.
Are you sure this was not a Nigerian Prince?His mate sent me a beautifully hand-written letter from SA last week. It cost him a fortune in stamps for me to dispatch to the WPB file.
rdjohn said:
Are you sure this was not a Nigerian Prince?
His mate sent me a beautifully hand-written letter from SA last week. It cost him a fortune in stamps for me to dispatch to the WPB file.
If only. I had the money but withdrawing it at short notice would have cost me. I went to my (now ex) bank and asked for a short-term loan, explaining that it would be for 10 weeks max, and they were originally obstructive, wanting me to take out a loan for a year. Lots of argument later I got an offer and the cost of interest made it all but the same price as taking out a loan for a year given the interest rate I'd get investing the repayment money. His mate sent me a beautifully hand-written letter from SA last week. It cost him a fortune in stamps for me to dispatch to the WPB file.
I should have gone to an accountant but that would have cost about the same without the guarantee of not having to pay it.
I went to another bank and got a year's loan (by then the notice time for getting the money had gone and I would have been fined £100 (if memory serves) for every day it went unpaid) at a slightly better rate (I'd have paid more the mood I was in) and sent it to HM with the guarantee of me getting it all back by 8 weeks probably, maybe 10 if there were any difficulties. When It didn't arrive after 9 weeks I phoned HMRC to be told that they would not discuss the date of repayment. So 12 weeks and 3 days after the time that I was to be repaid within 8 weeks, I got the money back.
This, remember, when I had been told that I did not, in fact, owe the money but that I had passed an unpublished (note that, unpublished) return date for my tax returns. The published one, which I was inside, did not apply to me for a technical reason. When I asked where I could find this date, they were unable to tell me. When I phoned another time and asked the question as to date of return, I was told the wrong date.
But am I bitter?
Guess.
A Nigerian prince would have been easier.
You do live in the UK?
I live in Socialist France and even they would not behave so badly. They tend to dish out 10% penalties for late payment, but when you explain that it was actually their fault, they roll over quickly and apologetically.
I suppose it is all to do with austerity. Save money by making all the people with the brain cells redundant and hoping that no one notices.
You just know that Bernie is going to win, again. I know you like your rugby. It reminds you of the song that goes, "it's the same the whole world over".
I live in Socialist France and even they would not behave so badly. They tend to dish out 10% penalties for late payment, but when you explain that it was actually their fault, they roll over quickly and apologetically.
I suppose it is all to do with austerity. Save money by making all the people with the brain cells redundant and hoping that no one notices.
You just know that Bernie is going to win, again. I know you like your rugby. It reminds you of the song that goes, "it's the same the whole world over".
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