Imran Khan admits forming offshore company to 'evade British taxes'

[endymion248]

Awww those big English words look like Latin to you?

It's ok, not your fault. It only makes it crystal clear why you are such a big Noora supporter.

Insafiyan Modus Operandi: Double down on their ignorance when called out.

 

[Abdullah719]

Guys, please try to cut out the mud-slinging and stick to the issues at hand.

 

[Dr_Bassim]

Insaafians policy:

If u dont support us, you must be Noora.

If you dont support us and also not a Noora, you must be a hidden Noora.

If both of above are false, you have no clue about anything, and its a pity education didn't teach you anything.

/thread.

 

[srh]

Just because you keep repeating it in every thread doesn't make it true.


Also don't present your opinion as facts.

Open your eyes and look at Imran Khan justly without any bias, and you will also see the facts that he is a liar and a cheat.

 

[Syed1]

Insaafians policy:

If u dont support us, you must be Noora.

If you dont support us and also not a Noora, you must be a hidden Noora.

If both of above are false, you have no clue about anything, and its a pity education didn't teach you anything.

/thread.

And then there is a another class of folks who just sit on their high horse and pose as if they know everything about everything.

 

[Spookiewookie]

Nothing wrong in it.

His acts are justified and are legal.

indeed and the source of his income is accounted for - which in my opinion is the main point in all this saga....

 

[Spookiewookie]

Given the language he uses it appears Imran does not know the difference between tax avoidance and tax evasion. What he did was avoid tax, not evade it.

Agree - it is a tax efficiency measure.

 

[TalentSpotterPk]

Ishaq Dar claims that He is a UK qualified Chartered Accountant and IK will be nabbed by UK authorities.

He claims that wrt Niazi Services Limited things weren't done legally/lawfully and the flat IK sold for 0.7 millions found will become bell of his neck and He will have to pay 1 million pounds tax along with fines.


Ishaq Dar has further claimed many things wrt IK. God knows whether those allegations are True or Not but if they are True (God forbid) than IK will experience huge setback wrt Urban Punjab Votes Politics except for his blind lovers who would cling with him in any case.

 

[IMMY69]

Ishaq Dar claims that He is a UK qualified Chartered Accountant and IK will be nabbed by UK authorities.

He claims that wrt Niazi Services Limited things weren't done legally/lawfully and the flat IK sold for 0.7 millions found will become bell of his neck and He will have to pay 1 million pounds tax along with fines.


Ishaq Dar has further claimed many things wrt IK. God knows whether those allegations are True or Not but if they are True (God forbid) than IK will experience huge setback wrt Urban Punjab Votes Politics except for his blind lovers who would cling with him in any case.

Lets then teach this "UK Qualified Chartered Accountant" a thing or two to shall we?

Imran Khan's income was taxed in the UK. He paid taxes on his income that was earned in the UK.

He then bought a flat from his taxed income in London.

He then sold his flat. He could have bought it for 50k and sold it for 50m. The amount he bought and sold it for is irrelevant.

English law states that prior to April 2016 foreign buys did not have to pay CGT on the sale of UK property.
CGT is only applicable since April 2016 to foreign buyers. Even if he sold it in 2017 he would only pay CGT on the price increase from April 2016 to the date the property was sold.

He sold the property before any of the new regulations came in so on what grounds would HMRC have to go after Imran Khan?

Only the Pakistany authorities can go after him and that too on the gounds that he bought the london flat from earnings made in Pakistan and where it is proven that he didn't pay tax on those earnings.

 

[TalentSpotterPk]

Lets then teach this "UK Qualified Chartered Accountant" a thing or two to shall we?

Imran Khan's income was taxed in the UK. He paid taxes on his income that was earned in the UK.

He then bought a flat from his taxed income in London.

He then sold his flat. He could have bought it for 50k and sold it for 50m. The amount he bought and sold it for is irrelevant.

English law states that prior to April 2016 foreign buys did not have to pay CGT on the sale of UK property.
CGT is only applicable since April 2016 to foreign buyers. Even if he sold it in 2017 he would only pay CGT on the price increase from April 2016 to the date the property was sold.

He sold the property before any of the new regulations came in so on what grounds would HMRC have to go after Imran Khan?

Only the Pakistany authorities can go after him and that too on the gounds that he bought the london flat from earnings made in Pakistan and where it is proven that he didn't pay tax on those earnings.

This would mean a terrible Miscalculation on part of Ishaq Dar ?

Normally He is very very careful in giving statements.


Waiting for Imran Khan's tweets


Hope & Wish you are 100 % Correct on this because otherwise it would be a huge setback politically.


Since He sold his flat in 2003 I guess and He earned all the money in UK so even if his offshore company was or was not declared in UK does not change the rules ?

 

[IMMY69]

This would mean a terrible Miscalculation on part of Ishaq Dar ?

Normally He is very very careful in giving statements.


Waiting for Imran Khan's tweets


Hope & Wish you are 100 % Correct on this because otherwise it would be a huge setback politically.


Since He sold his flat in 2003 I guess and He earned all the money in UK so even if his offshore company was or was not declared in UK does not change the rules ?

Mate there are other reasons for buying properties in london using off shore companies, one of which is to avoid inheritance tax.

What happens is that the property is held by a an offshore company in trust and when the person passes away the shares remain in trust for the children and so that don't pay any inheritance tax.

However, anyone from abroad that bought a property pre 2016 and sold it -re 2016 would not have had to pay capitol gains tax on any price increase and similarly income on rent. All this has now been changed.

People get confused by income tax and property tax. before 2016 most foreign investors would buy property with off-shore companies. Now there is no benefit to it. All the loopholes have been cut and this is largely to try and take the heat out of the strong London property market.

If IK paid for the properties from taxed income there is absolutely no way HMRC can go after him. This Dar bloke is talking nonsense unless IK failed to pay tax on his earnings from which he bought his property. I'll give IK the benefit of the doubt in this case as HMRC would have acted long ago if anything looked
suspicous.

 

[Couch Cricketer]

Using off shore company itself is not illegal but many use it convert black money to white. Companies like google Apple Microsoft use offshore companies to decrease tax liability in the billions of dollars none of it is illegal. IK showed where the original money came from btw uk citizens should ask the uk income tax department to look into Sharif family finances as if his sons did make millions of profits by doing business in UK did they pay any tax on that income.

 

[IMMY69]

With respect to CGT on the sale of properties.
If the london flat was his only home and was not rented out then no CGT would be payable, even if he was a British Citizen.