BS: 'House held in an offshore vehicle'?

Subject: BS: 'House held in an offshore vehicle'?
From: MGM·Lion
Date: 14 Sep 12 - 03:48 AM

I'm not usually all that interested in newspaper stories about the most expensive home in the world & that sort of thing. But a pic of a very beautiful house in this morning's Times caught my attention. It is apparently the most valuable home in London, and is up for sale. I wasn't thinking of making an offer, but desultorily read the first couple of paras, when the following item of info caught my attention:

"The house ... is held in an offshore vehicle registered in the Dutch Antilles"

I stared at this for a few minutes, trying to derive any sort of sense or meaning. How can a house be held in a vehicle? Is there some legal sense of "held" here opaque to the likes of me?

Can anyone please explain, to the comprehension of a peabrain like mine when it comes to matters of property and finance, exactly what was meant here?

~Michael~

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Richard Bridge
Date: 14 Sep 12 - 04:08 AM

The registered proprietor of the house is a Netherlands Antilles company. That way the ownership of the Netherlands Antilles company can be transferred and no stamp duty etc paid as would occur if the registered ownership of the house changed.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: MGM·Lion
Date: 14 Sep 12 - 04:11 AM

Thanks, Richard. What then is the precise connotation of "vehicle" here?

~M~

Subject: RE: BS: 'House held in an offshore vehicle'?
From: John MacKenzie
Date: 14 Sep 12 - 04:36 AM

It's a getaway vehicle, inasmuch as, they use it to get away, with paying their fair share of taxes.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Uncle_DaveO
Date: 14 Sep 12 - 09:14 AM

"Vehicle" here is a legal term: not a device for transportation of goods or personnel but a "paper" means of transfer of possession or ownership.

Dave Oesterreich

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Bobert
Date: 14 Sep 12 - 10:52 AM

Maybe it's gotta a couple axles with wheels and tires stored in the basement making it an RV???

B;~)

Subject: RE: BS: 'House held in an offshore vehicle'?
From: McGrath of Harlow
Date: 14 Sep 12 - 12:13 PM

The annual council tax on this 45 room mansion with seven stories is £2178.00...

They really make the rich pay don't they? "We're all in this together."

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 14 Sep 12 - 12:43 PM

Loopholes are one thing but not having the class to be discrete. That totally goes against my stereotype of British "moneyed" people.

If I were there I would send a copy of that ad to my MP. If I lived in London I would send it to the mayor and I would ask them what they intend to do. If you get enough people to do that. You will probably pay a little less in taxes next year.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: MGM·Lion
Date: 14 Sep 12 - 12:50 PM

What 'ad', Jack? I don't think the house has been advertised ~~ just that some people known to be in that income bracket have been approached. My OP query ref'd a Times news report, not an ad.

~M~

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 14 Sep 12 - 03:18 PM

This sounds like a line from an ad.

""The house ... is held in an offshore vehicle registered in the Dutch Antilles""

But that is OK. Send the article to your MP.

It sure looks like tax evasion to me. If it is legal. It should not be.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Abdul The Bul Bul
Date: 14 Sep 12 - 03:27 PM

Well,Mr MacKenzie, it made me grin, thanks.
Al

Subject: RE: BS: 'House held in an offshore vehicle'?
From: MGM·Lion
Date: 14 Sep 12 - 03:37 PM

No idea what you are on about, Jack. All I wanted to know was what the phrase meant. Don't care about who buys it, or who pays what to whom. If you're bovvered, then you sort it.

~M~

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 14 Sep 12 - 06:56 PM

Wow! A shady, immoral, technical tax dodge like that doesn't bother any of you? At all? No wonder your economy is tanking.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Donuel
Date: 15 Sep 12 - 01:38 AM

"The (blank) ... is held in an offshore vehicle registered in the Dutch Antilles"

SOunds like a cool thing to say to class up any Ebay, Craigs list or Free Cycle item ad.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: MGM·Lion
Date: 15 Sep 12 - 01:58 AM

I didn't say it doesn't bother me, Jack; simply that the fiscal implications of the matter were not what lay behind my initial query. If you are so exercised about them, then you take the matter up ~~ and much good may it do you! As the whole thing is obviously buttoned up & watertight in its 'offshore vehicles', I can think of better ways of needlessly expending my energies.

~M~

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 15 Sep 12 - 08:53 AM

Don't be a jackass MtheGM. Its your tax dollars not mine. If you want to let that sort of thing happen under your nose, its your problem. But if I see y'all complaining about bout Cameron or your government's finanaces, I'll know how empty those complaints are.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: McGrath of Harlow
Date: 15 Sep 12 - 01:36 PM

But allowing the tax dodges, even while pretending to be against them, is very much part of Cameron's "government finances". And private finances as well.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Janie
Date: 15 Sep 12 - 01:41 PM

When I opened the thread was expecting a link to a photograph of a house, on blocks, on the deck of a large ship anchored off shore.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: gnu
Date: 15 Sep 12 - 01:56 PM

Ahhhh... JtS... easy there, lad. Yer dory is takin on water.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 16 Sep 12 - 11:07 AM

My dory is fine. The Brits can get their own boat. Or not.

If they don't want to shine the light on the fiscal termites undermining the timbers of their ship of state, that is their problem.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Richard Bridge
Date: 16 Sep 12 - 11:56 AM

It is evasion not avoidance. There were plans to clamp down on this sort of dodge, and indeed a feeble attempt to do so but city lawyers got round it in about 10 minutes flat by creating long leases in stead of freeholds so the freehold did not move. I have written more than once to my MP suggesting a proper and general anti-avoidance principle - but if you google Mark Reckless (and figure out what he used to be before a politician) you will know why his responses if any are barely polite.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 16 Sep 12 - 01:20 PM

Here "evasion" is basically the term for criminal tax avoidance. Is it different there?

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Richard Bridge
Date: 16 Sep 12 - 01:52 PM

Ooops - I meant avoidance not evasion. Thank you for pointing out the error.

Subject: RE: BS: 'House held in an offshore vehicle'?
From: Jack the Sailor
Date: 16 Sep 12 - 01:55 PM

No probs