|Where are off-planet companies taxable ?|
BHS – Following up The Guardian’s 21 Oct 2005 report of the £1.2B tax-free dividend paid from Arcadia to Lady Tina Green in Monaco, enabled by a 7.5 year bank loan to the group, it would be sensible for HMRC to confirm that Lady Green didn’t & doesn’t spend more than 90 days a year in London – which would make her UK taxable; and to re-check the terms of the loan, to see if it and the loan repayments should be re-classified as a personal loan and so part of Sir Philip’s director’s salary – and taxed under PAYE. £600 million in tax would compensate for UK tax-payers paying the BHS pensions deficit.
Noel Hodson, Oxford, 3 JUN 16
The cash will be coming from a seven and a half year loan to Arcadia. "It is senior debt, not rinky-dinky funny money. It is plain vanilla, not chocolate or raspberry," said the tycoon, who also owns Bhs. "It is affordable and it is not over-aggressive. It leaves the business with plenty of opportunities to grow.