Revenue attacked for tax haven sale

A Revenue and Customs deal to sell properties to a company based in a tax haven was criticised by MPs yesterday.

Link: Revenue closes capital gains tax loophole

The Public Accounts Committee lambasted the deal struck by HMRC to sell 600 properties to Mapeley, based in Bermuda.

Mapeley apparently only disclosed to the Revenue that the properties would be held offshore at a late stage, the Revenue said. The move allowed Mapeley to avoid capital gains tax in the UK.

‘It was a very serious blow indeed for the Inland Revenue to have entered into a contract with tax avoiders,’ the committee said.

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