[Driver] Lewis Hamilton Champion

[ascarracinguk]

Not sure what he’s done wrong. If it’s a legal loophole then why wouldn’t you use the tax laws correctly to minimise the amount of tax you pay. We all do it one way or another including pensions, isas, duty free, cash in hand, buying products on holiday and bringing them home etc etc etc.

This is why it’s called tax avoidance, not tax evasion. Perfectly legal...and of course you’re all assuming he knew what his accountants were doing...do you all know how your money is being invested? Thought not

The question people should be asking is why do the loopholes exist

[F1Guy]

Originally Posted by ascarracinguk

Not sure what he’s done wrong. If it’s a legal loophole then why wouldn’t you use the tax laws correctly to minimise the amount of tax you pay. We all do it one way or another including pensions, isas, duty free, cash in hand, buying products on holiday and bringing them home etc etc etc.

No. Not me. Never have I ever done anything you've mentioned there ascarracinguk. And I doubt that the good ol' "British" poster from Stevenage would do such things either.

[Mike Harte]

Originally Posted by ascarracinguk

Not sure what he’s done wrong. If it’s a legal loophole then why wouldn’t you use the tax laws correctly to minimise the amount of tax you pay. We all do it one way or another including pensions, isas, duty free, cash in hand, buying products on holiday and bringing them home etc etc etc.

This is why it’s called tax avoidance, not tax evasion. Perfectly legal...and of course you’re all assuming he knew what his accountants were doing...do you all know how your money is being invested? Thought not

The question people should be asking is why do the loopholes exist

Just to correct you, but working cash in hand and bringing goods into the country that may attract duty are both considered to be tax evasion and are certainly not legal. And I sincerely hope that we don't all do it.

And not discussing Hamilton, but if an individual has money invested on his behalf by advisers, it is, absolutely minimally, prudent to know where that money is invested because you are ultimately responsible. And before anyone jumps on the band-wagon concerning the Queen's investments, I very much doubt that her investment team for the Duchy of Lancaster consult her on where her investments are made. The assets of the Duchy are huge, and are not in the same league as most private investment holdings.

[wnut]

Originally Posted by chunder

Well, if anyone thought he was going to be a Sir

It appears Paradise has scuppered that thought! lol

Where is Paradise's post?

[Lancsbreaker]

Originally Posted by wnut

Where is Paradise's post?

Lost, according to Milton..........

[bjohnsonsmith]

Originally Posted by Lancsbreaker

Lost, according to Milton..........

There's a metal band called 'Paradise Lost', I like their earlier stuff and there is 'Gun's 'N' Roses' monster hit, 'Take Me Down To Paradise City", so it may have been lost, somewhere in between.

[F1Guy]

Originally Posted by Mike Harte

Just to correct you, but working cash in hand and bringing goods into the country that may attract duty are both considered to be tax evasion and are certainly not legal. And I sincerely hope that we don't all do it.

So when we all shop duty free while at an overseas airport for example, and then bring the goods home, it is illegal??

We are all criminals.

[dsg]

Congratulations to Lewis. Fast and consistent as ever, but he seemed to be far more mature and down to earth this year. This is going to sound terrible but he always appeared to be putting on a fake persona (acting phoney) over the last couple of years. He seems more comfortable in his own skin now.

[Adam43]

I see that in this thread we are just giddy to try and prove people wrong rather than discuss. Often preferring to miss a point to get a shot in. I guess it’s easier than thinking.

The last Lewis thread got closed and further action is likely.

[Mike Harte]

Originally Posted by F1Guy

So when we all shop duty free while at an overseas airport for example, and then bring the goods home, it is illegal??

We are all criminals.

Which is the very reason that I didn't mention duty free. However, it should be noted that there are limits on duty free, and if you exceed those limits you could to open to prosecution.

[ascarracinguk]

Originally Posted by Mike Harte

Which is the very reason that I didn't mention duty free. However, it should be noted that there are limits on duty free, and if you exceed those limits you could to open to prosecution.

Thus the difference between avoidance and evasion. Avoidance, using tax laws I. Your favour to avoid paying tax. Evasion, breaking tax laws and try to hide the fact you haven’t paid tax

Lewis is borderline with his plane. Perfectly ok for business use, he has a right to claim the VAT back...the personal use bit maybe not so much, but I’m sure his tax lawyers are far better at answering that question. The fact he nor his company have tried to hide anything from the HMRC leads me to think it’s completely legal avoidance strategy or he has been badly advised that it was ok

[Mike Harte]

Originally Posted by ascarracinguk

Thus the difference between avoidance and evasion. Avoidance, using tax laws I. Your favour to avoid paying tax. Evasion, breaking tax laws and try to hide the fact you haven’t paid tax

Lewis is borderline with his plane. Perfectly ok for business use, he has a right to claim the VAT back...the personal use bit maybe not so much, but I’m sure his tax lawyers are far better at answering that question. The fact he nor his company have tried to hide anything from the HMRC leads me to think it’s completely legal avoidance strategy or he has been badly advised that it was ok

Or maybe he and his advisers were/are pushing the envelope. The fact that he and countless others are arranging their tax affairs in full view of their tax authorities doesn't mean that they are actually complying with tax rules and law. The problem is that too many authorities have a fairly lax attitude to these sort of arrangements, and most of those wishing to abuse the system know that the worst that will happen is that they will get a slap on the wrist and have to pay the tax that has been evaded, and possibly a fine that no-where represents a fair punishment. Very few tax evaders, the worst of whom are mostly corporate, ever see the inside of prison.

[bella]

one would presume he manages to hide a lot of his use that appears personal as business use for an image rights company of his or such like. making appearances (and promoting them on social media) would then i presume allow him to pay himself as a social influencer working for his own company and voila, that skirt chasing trip to fashion week is now business.

[Peter Mallett]

Um, in the context of winning the WDC what has his or anyone else's tax affiars got to do with it? I can't see a reduction in tax liabilities making him more keen on winning. So let's talk about the challenges he's faced on track shall we?

[VIVA GT]

Originally Posted by Peter Mallett

Um, in the context of winning the WDC what has his or anyone else's tax affiars got to do with it? I can't see a reduction in tax liabilities making him more keen on winning. So let's talk about the challenges he's faced on track shall we?

As soon as I heard LH mentioned on the radio news last night in respect to 'The Paradise Papers' I thought "It's a good job they've close the Sir Lewis Hamilton thread, this will really inflame opinions!"
Looks like you might end up closing another one Peter.

[Akrapovic]

Originally Posted by Mike Harte

working cash in hand and bringing goods into the country that may attract duty are both considered to be tax evasion and are certainly not legal.

Working cash in hand is not illegal. As long as it is declared and NI and Tax are paid, it's completely legal.

As for these sort of leaks - funny how when Jimmy Carr did it, the Prime Minister took time out of his busy schedule to call him out on it. Now it turns out they're all at it, include the countries biggest sports star (for this week anyway), politicians and the crown itself, that it's all fine, it's just a loophole we'd all use.

[GregUK]

Originally Posted by VIVA GT

As soon as I heard LH mentioned on the radio news last night in respect to 'The Paradise Papers' I thought "It's a good job they've close the Sir Lewis Hamilton thread, this will really inflame opinions!"
Looks like you might end up closing another one Peter.

Whilst Lewis' name is in the headlines, I would be amazed if a number of others well-knowns from our sport are not similarly, hem, avoiding tax.

[chunder]

Of course they are, anyone not living full time in the UK would be, so DC, Button, pretty much every MotoGP rider or Superbike rider, most of them live in Andorra.

I would think most top level racing drivers and riders do it.

Question is, should they and does it make me support them less, and in most cases it does sorry.

4 time world superbike champ Carl Fogarty spent his carer in the UK, I have no idea if he used creative accounting, he probably did, but as he did not ,love to Jersey or the Isle of Man my respect for him was increased by him staying in and around his home town of Blackburn! lol

[ascarracinguk]

Tbh I’d guess most of professional Motorsport has some sort of creative accounting involved...

[Mike Bell]

Originally Posted by Peter Mallett

Um, in the context of winning the WDC what has his or anyone else's tax affiars got to do with it? I can't see a reduction in tax liabilities making him more keen on winning. So let's talk about the challenges he's faced on track shall we?

What WDC? What challenges? After reading recent posts on this thread, I've forgotten already......

[GORDON STREETER]

Love him or hate him, at least we have a British F1 champion whatever any of us keyboard warriors say !

[Peter Mallett]

Indeed.

[knighty]

really its a storm in a tea-cup.......Lewis openly lives in Switzerland as a tax exile......along with Jackie Stewart......Button lives in Monaco as a tax exile.......there are ooodles more.......Hamilton manages himself as he refuses to pay an agent 20%.......so what........its just not news!

[crmalcolm]

Originally Posted by knighty

really its a storm in a tea-cup.......Lewis openly lives in Switzerland as a tax exile......along with Jackie Stewart......Button lives in Monaco as a tax exile.......there are ooodles more.......Hamilton manages himself as he refuses to pay an agent 20%.......so what........its just not news!

Hamilton moved to Monaco over 5yrs ago.

[Mike Bell]

I don't care if he lives on Mars- He's a British passport holder, mesmerising driver to watch most of the time, and Champ again!