Formula One champion Lewis Hamilton avoided paying taxes on his private jet using an elaborate scheme now under investigation by British tax authorities, new leaked documents revealed on Monday
Formula One champion Lewis Hamilton avoided paying taxes on his private jet using an elaborate scheme now under investigation by British tax authorities, new leaked documents revealed on Monday. The driver received a £3.3 million ($4.4 million, EUR3.7 million) VAT refund in 2013 after his luxury plane was imported into the Isle of Man -- a low-tax British Crown Dependency, according to the BBC and Guardian newspaper.
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Lewis Hamilton
The revelations are the latest to emerge from the so-called Paradise Papers, released by the US-based International Consortium of Investigative Journalists (ICIJ). They allege accountancy firm EY and Appleby -- the Bermuda-based law firm at the centre of the leaks -- assisted Hamilton and dozens of other clients in setting up seemingly artificial leasing businesses to get multi-million-pound VAT rebates. The complex arrangements, which involved the individuals forming entities that rented their own jets, may contravene Europe-wide rules forbidding refunds for personal use, the media outlets said.
Representatives for Hamilton could not be reached by AFP for comment. His lawyers told the BBC a review by a tax barrister found the structure was lawful, and that some VAT had been paid through the arrangements. There is also no indication Hamilton was directly involved in creating the scheme, and simply followed professional advice, the Guardian said.
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