Mercedes driver Lewis Hamilton came under the scanner and not in a good way in 2017. That year, the Paradise Papers Were leaked so he had been under investigation for preventing taxes by British taxation authorities and the Briton’s name cropped up on the listing.
In 2013, the world champion was on an elaborate plot that included Moving his private jet. As he’d be the receiver of a VAT yield upwards of 3 million, according to the Guardian and the BBC, the move was financially strategic.
According to allegations in the International Consortium of Investigative Journalists (ICIJ), Hamilton procured aid by EY and Appleby. What Happens additional bad news for Lewis Hamilton was that Ey and Appleby are in the epicenter of the ‘Paradise Papers’ leaks.
The Bermuda-based law company allegedly set up’ artificial leasing Companies’ and began the VAT rebates. It is thought that the jet is worth around 16.5 million lbs and Hamilton had posted pictures on social websites of it.
He made some arrangements and bought the airplane using a company in the British Virgin Islands, who leased it out to a different company in the Isle of Man. Lewis Hamilton employed this procedure to get VAT refunds on his use of this jet, which he sold.
According to The Guardian, there was no evidence Hamilton himself involved with the scheme but was following the recommendation of Appleby and EY.
The driver’s lawyers told BBC that the practice was not against the law, as per a review by some, and a tax barrister VAT had been paid through the arrangements.
“All our information, whether in planning or compliance, is based on our knowledge of tax law and providing transparency to tax authorities,” EY stated in a statement.
But when he had been asked about the case, he insisted it would not influence him on the course.