The World's #1 Vacuum Cleaner Advice, Repair, Discussion & Information Forum

Author Topic: Offshore tax move for British engineering champion, Sir James Dyson  (Read 4960 times)

Offline Mike Aberdeen

  • Member
  • Posts: 54
  • Country: scotland
  • Gender: Male
Sir James Dyson, the champion of British engineering, has quietly transferred his 1.5billion business empire offshore in a move that could save him hundreds of millions of pounds in tax.

Financial Mail has established that in 2009 the vacuum cleaner entrepreneur sold his business to Clear Cover Limited, a  company that he owns, which is incorporated in Malta.

The following year he sold the business again, this time to another Maltese company owned by him, Dark Cover Limited.

A spokesman for Dyson last week declined to say exactly why the changes had been made.
 
Tax experts said Malta offers special tax benefits. Businesses based there are able to provide finance to their subsidiaries around the world without paying as much tax as if they were based in Britain.

There is no capital gains tax for Britons who sell businesses based in the island, though Dyson would have to leave Britain to avoid paying CGT altogether.

Some countries, including Belgium and Canada, offer special arrangements that would enable him to escape paying the tax.

Founded in 1992, Dyson’s company posted pre-tax profits of 198 million in 2010.

He courted controversy in 2002 when he moved manufacturing to the Far East, axeing 800 jobs in Britain and angering unions.

A spokesman last week declined to answer questions on the Malta switch. ‘James has no plans to sell the business,’ he said.

‘James Dyson and his family are UK residents paying UK tax, they strictly adhere to Revenue & Customs’ rules and have no plans to change this. Dyson sells technology in more than 50 countries, creating UK jobs and wealth and in 2010 paid corporation tax of more than 50 million.’


Source

Offline Mike Aberdeen

  • Member
  • Posts: 54
  • Country: scotland
  • Gender: Male
Re: Offshore tax move for British engineering champion, Sir James Dyson
« Reply #1 on: June 24, 2012, 10:43:55 PM »
Since the Jimmy Carr revelations, this has appeared in the media everywhere:

Quote
In 2006 (when figures were last available) James Dyson contributed the bulk of the income tax paid by the 54 billionaires then resident in the UK. Out of 14.7m paid by all 54, he contributed 9m. That's a whopping 61 per cent of the total tax take from billionaires. Current figures are not available, but it is widely agreed in the tax accounting community that JK Rowling and James Dyson are the only UK billionaires who pay a tax rate even remotely proportional to their income.

Google has 86,000 hits for the term 'James Dyson income tax'. Many are recycled versions of the quoted paragraph above.

Cynics might suggest the Dyson PR machine is in overdrive using 2006 data to bury the story above.  :coffee:

Offline Phantomguy

  • Member
  • Posts: 12
  • Country: au
  • Gender: Male
Re: Offshore tax move for British engineering champion, Sir James Dyson
« Reply #2 on: August 20, 2012, 08:36:49 AM »

Dyson get over it ..... China is ripping you off like you are ripping us in Australia with 200% + pricing and 40%  warranty period. Now you know what it feels like ... ENJOY!!!!!  You greedy #*!#@+rd!
PG


 

Dyson Spare Parts

Sebo Vacuum Cleaners

Buy a Dyson DC04 Wand Handle

The Dyson Medic Blog

Dyson Spares, Parts, AdviceFollow us on Twitter

Manchester Vacson Google+

Manchester Vacs on Instagram