Published on June 19th, 2012 | by Giga Panda Editorial0
Jimmy Carr in Avoiding Tax by Having Accountant Shocker
Jimmy Carr was ousted in The Times today as one of the largest beneficiaries of the K2 offshore tax scheme, which helps “optimise”, or avoid tax, to the tune of £168 million a year, via the tax haven of Jersey.
It’s reported that he manages to funnel £3.3 million of his cash a year via K2, along with other 1,100 tax avoiders.
Roy Lyness, of Peak Performance Accountants:
‘The Revenue closes one scheme, we find another way round it. It’s like a satnav. I’m driving to Manchester, get a message saying there’s a smash at Stoke, press this button to re-route. ‘That’s all we do with tax avoidance.
K2 works in a similar way to many tax funnels, by transferring salaries into a Jersey-based trust, which lends investors back the money. As the loan can technically be recalled, it is not subject to income tax.
Jimmy Carr is one of the highest earning comedians in the UK, and is unlikely to really give a toss about this fuss, but many will be feeling rather sore about the self-righteous bashing of the 1% on his show 11 O’Clock Live, with hopelessly predictable lines, like “Why don’t you apply for the Barclays 1 per cent tax scam.” On the bright side, maybe with some actual, personal ammunition, that show will actually start being funny.