How Tony Blair avoided paying stamp duty on a £6.5 million house and ten more revelations from the Pandora Papers
On a £6.5 million central London property, Tony and Cherie Blair saved more than £300,000 in taxes. This is only one of the shocking charges that have surfaced as a result of the Pandora Papers; here’s a list of the others.
The Pandora Papers are a collection of 12 million leaked papers that demonstrate hidden riches, tax evasion, and money laundering by some of the world’s wealthiest people. Hundreds of journalists from all over the world have been poring over the records for months, with the Guardian and the BBC leading the inquiry in the United Kingdom. Tony Blair and his wife are said to have avoided hundreds of thousands of dollars in stamp duty, according to one of the most high-profile revelations.
The Pandora Papers make no mention of the Blairs’ secret wealth or money laundering.
They do, however, show why the pair avoided paying £312,000 in stamp duty when purchasing a £6.5 million home in London’s Marlybone neighborhood.
The building was purchased by the former Labour prime minister and his barrister wife in 2017 by purchasing the offshore corporation that owned it.
The Blairs bought a British Virgin Islands (BVI) corporation run by the family of Bahrain’s current minister for industry, commerce, and tourism, according to the Pandora Papers, though both sides claim they didn’t know who they were dealing with at the time.
The couple avoided paying stamp duty by purchasing the holding company rather than the home itself.
This transaction is not unlawful, and there is no proof that the Blairs were attempting to avoid paying taxes.
The transaction does, however, expose a loophole that wealthy property owners can take advantage of.
Mr Blair has long been a vocal opponent of tax loopholes, so the news comes as a shock.
Mrs Blair’s legal firm, which advises governments throughout the world, and her foundation for women are currently housed in the townhouse in Marylebone, central London.
Mrs Blair stated that the sellers insisted on purchasing the home through an offshore company.
She stated that they have brought the property back under UK law and that if they sell it in the future, they will have to pay capital gains tax.
The most serious and humiliating claim leveled against the UK is how readily prominent and rich individuals have been able to set up offshore companies to secretly purchase property in the country. Despite this, the UK government has failed to establish a register of offshore property owners. “Brinkwire News Summary.”