Offshore Umbrella Companies
Offshore Umbrella Companies appear to be safe after it was revealed that the high and mighty use them extensively. Indeed several members of the cabinet are using them. Andrew Mitchell has been in the news recently for calling a policeman a pleb. He also invested in a firm which operates offshore schemes. These offshore schemes avoided £2.6m in stamp duty.
Another minister in the news also uses them. Step forward Culture Minister Jeremy Hunt. He avoided a £100,000 tax bill just before the last election. He was using an offshore scheme as well. Because of this it would appear that offshore Umbrella Companies are safe. Too many influential people are using them and other offshore schemes. Too many people with close connections to David Cameron are using them. These include David’s father Ian. He built up the family fortune of £2.75 million by the use of tax havens.
Contractors have been nervous about using offshore Companies. However, there doesn’t appear to be a need for their nervousness about using them. The high and mighty use them. They have been using them for years. These people have connections. These people lobby. These people are funders of the Conservative Party like Lord Ashcroft. They are not going to allow the Conservative Party to kill the golden goose. This golden goose has laid many a fine egg for them.
OK, they are going to make Employee benefit Trusts illegal. However, this is closing the door after the horse has bolted. Most offshore Umbrella Companies have shut down their EBT schemes ages ago. They have now put together different schemes. These companies are very nimble on their feet. As soon as the Government closes one door they enter via another.
For a selection of good Umbrella Companies check out Which Umbrella Company