Margaret Thatcher
Margaret Hilda Thatcher (born 13 October 1925) was prime minister of the United Kingdom from 1979 to 1990 and leader of the Conservative Party from 1975 to 1990.
Tax loophole
In an article in 2002 on the subject of how 'Rich people are costing Britain millions in lost tax by not registering their houses in their own names', the Guardian[1] reports that Thatcher's home in Chester Square, London is registered as owned by Bakeland Property Ltd, Jersey. It was acquired in 1991 and Thatcher has it on 64 year lease. The shares for Bakeland Property Ltd are held by two Jersey individuals (Leonard Day and Hugh Thurston) who are the Thatcher family's financial advisers. According to the report, they are 'acting as nominees for a trust with concealed beneficiaries'. The former prime minister's office is reported to have refused to explain why she does not apparently own her own house. Leonard Day in Jersey is reported to have said: "No one's going to tell you about that." The article claims that through the exploitation of legal loopholes 'wealthy individuals... appear to be enjoying the country's choicest property virtually tax-free'. The article also mentions Anthony Tabatznik, Mohamed Al Fayed, David Potter, Tony Tabatznik, Lakshmi Mittal, Uri David, Rupert Allason, Wafic Said, Prince Bandar and Christopher Ondaatje as others who are not the registered owners of their homes who may benefit from such a loophole.
Thatcher's home is estimated to be worth at least £2.5m. As she is not the registered owner she has potentially avoided at least £100,000 in stamp duty and £900,000 in inheritance tax.[2]
Affiliations
- Centre for Policy Studies, co-founder
Notes
- ↑ Evans, R & Hencke, D. (2002) 'Tax loopholes on homes benefit the rich and cost UK millions'. The Guardian 25th May 2002. Accessed 22nd May 2008
- ↑ Rob Evans and David Hencke, "Tax loopholes on homes benefit the rich and cost UK millions: Choice homes, virtually tax free", The Guardian, 25th May 2002
