Mapeley founder set to quit
The man behind the controversial Mapeley Steps property deal with the Inland Revenue is due to step down this week.
Link: NAO slams under-achieving Mapeley deal
The Times reports that Robin Priest will leave the Bermuda-based company to set up a new venture.
AccountancyAge.com contacted Priest, who declined to comment.
In 2001 the Inland Revenue entered into a £1.5bn outsourcing property deal with Mapeley, which saw 700 properties transferred across to Bermuda.
The deal caused a national outrage when it emerged that Mapeley had structured itself offshore to cut its tax bill in the UK.
Last week, the National Audit Office said in a report on the deal that ‘earlier consideration of the offshore nature’ of Mapeley would have reduced the ‘resulting negative publicity’
Sir Nick Montagu, the recently departed Inland Revenue chairman, was supported by the NAO, however, which said the deal saved the taxpayer money, and agreed with Montagu’s argument at the time that it would have been illegal to not consider Mapeley simply because of its offshore structure.