Archive for February 13th, 2011
Bank uses Cayman to avoid tax on bonuses
(Daily Mail): Deutsche Bank has lost a £50million case in the UK involving an elaborate scheme to avoid tax on bankers’ bonuses. The bank was paying staff through a share scheme involving a Cayman Islands company. Bankers were given ‘restricted’ shares in the offshore firm. They had little value until the restrictions were removed, meaning there was negligible tax due on the initial gift of the shares. A Revenue & Customs tribunal ruled that the complex scheme, which ran from 2003 to 2004, was ‘created and co-ordinated purely for tax avoidance purposes’. More than 300 bankers took part and the scheme was approved by the board, the tribunal judgment said. Deloitte advised on the scheme and drafted in Investec to help.
UK cops say wire mesh could injure burglars
(Daily Mail): Residents in Surrey and Kent villages have been ordered by police to remove wire mesh from their windows as burglars could be injured. Home owners in the villages of Tandridge and Tatsfield in Surrey and in Westerham, Brasted and Sundridge in Kent have said they are furious that they are being branded ‘criminals’ for protecting their property. Locals had reinforced their windows with wire mesh after a series of shed thefts but were told by community police officers that the wire was ‘dangerous’ and could lead to criminals claiming compensation if they ‘hurt themselves’.
Thomas Cooper, of Tatsfield, Surrey, said he put the mesh around three of his garden sheds after two break-ins over the past four years. He said he decided to take action after reports of a rise in shed burglaries in the area near the Kent and Surrey border.
‘I have three sheds and had two break-ins in the past four years,’ Mr Cooper explained. ‘I reinforced my shed windows with wire mesh, but was told by the police I had to be very careful because thieves can actually sue you if they get hurt. I mean, what are you meant to do? Let them take your stuff? ‘
Swiss freeze Mubarak’s assets
(Swiss Info): The Swiss cabinet has decided to block any funds that may be held in Switzerland by former Egyptian President Hosni Mubarak who stepped down on Friday. It has published an ordinance asking Swiss banks to search for any assets belonging to Mubarak and his family and to freeze them, a government spokesman said. A statement on the website of the foreign ministry said the sale or disposal of any assets, especially real estate, belonging to these people was also forbidden. The government "is taking all the measures required to avoid any misappropriation of government assets,” it explains. The Swiss finance minister, Eveline Widmer-Schlumpf said investigations were underway to clarify whether there were in fact any assets in the country at all.