Offshore fund to be hit with 50 per cent tax?

An offshore fund could be hit with the 50 per cent tax rate if it is found to be linked to UK residents. Bernie Eccleston, the Formula 1 chief, is the subject of enquiries by HM Revenue & Customs (HMRC) due to the association of his daughters and former wife with the so-called 'Bambino' Trust. The trust featured in a fraud trial in Germany last year but now HMRC is looking into whether or not is has the grounds for a formal investigation. If it is discovered that Mr Ecclestone does have control of the fund, he could be subject to the 50 per cent tax demand. However, he denies ever having had control of the £3 billion fund. A tax inspection official told the Daily Mail: “HMRC has put a team of investigators on Bernie Ecclestone to look into his involvement in the trust and exactly how much he has to do with it. They are now in the process of making enquiries and researching every minor detail as they look to build a case. There is movement. They have opened a book.”

http://www.50percenttax.co.uk/index/2012/2/29/offshore-fund-to-be-hit-with-50-per-cent-tax.html