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Dan Neidle

@DanNeidle

Nov 6 • 6 tweets • 2 min read Twitter logo

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So Michelle Mone has admitted her involvement in failed PPE supplier PPE Medpro. Two consequences:

First, the Guardian should refer Mone’s lawyers to the SRA. They relayed a lie. At some point between then and now it will have been obvious to them it was a lie.

At that point the lawyers should have told Mone it was incumbent on them to write to the Guardian and correct the position. If she didn’t permit that, they should have ceased to act.

If they didn’t do this, IMO they behaved improperly and should face consequences.

Second, there should be a criminal investigation into what looks like an intentional breach of beneficial ownership disclosure rules, which we wrote about here: taxpolicy.org.uk/2023/08/13/ppe…

The ownership of PPE Medpro appears to have been deliberately covered up. If so, that’s a criminal offence. If these rules are ignored, and breaches tolerated, then the rules may as well not exist.

More brilliant work from @david_conn: theguardian.com/uk-news/2023/n…

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Dan Neidle

@DanNeidle

Nov 7

A quick thread reflecting on Zahawi, Barrowman and Mone. Why libel law rewards liars, and how we could change it:

Baroness Mone introduced a company, PPE Medro, to the "VIP fast lane" for supplying PPE to the Government during the pandemic. There was copious evidence that she and/or her husband, Douglas Barrowman, ran the company.

In December 2020, a lawyer instructed by Mone and Barrowman told the Guardian that “any suggestion of an association” between the Tory peer and PPE Medpro would be “inaccurate”, “misleading” and “defamatory”.

Read 33 tweets

Dan Neidle

@DanNeidle

Nov 3

So a taxpayer finally wins a tax avoidance case against HMRC. But was it a tax avoidance case?

See what you think...

Euromoney was selling an investment it held in Capital Data, for shares plus cash.

Normally a company is exempt from CGT when it sells shares in a subsidiary, because of the “substantial shareholding exemption” (SSE)...

Read 15 tweets

Dan Neidle

@DanNeidle

Oct 13

A TV property pundit and YouTuber promotes Property118's tax avoidance scheme. What he doesn't say: he's been paid over £500k for facilitating it.

Thread.

Here's "property guru" and Youtuber Ranjan Bhattacharya promoting the Property118 tax avoidance scheme:

Part of the Property118 scheme involves the landlord borrowing under a "bridge loan" for a few hours, with the money moving swiftly between three different bank accounts all controlled by the lender. The claim is that this magically avoids £100k+ of tax for the landlord.

Read 50 tweets

Dan Neidle

@DanNeidle

Oct 12

The FT had a fascinating story yesterday about a dispute between HMRC and some ISA platforms over whether the ISA platforms can sell investors fractional shares.

Wonkiest thread ever on who is right:

Before we get into fractional shares, we have to explain how ISAs work with normal shares. This may be interesting even if you have no interest in the tax point at issue.

Or it may be incredibly tedious, in which case now is a good time to leave.

If you open an ISA account with (say) Hargreaves Lansdown, and pay £1,100 to buy ten AstraZeneca shares, you don't actually own ten AstraZeneca shares.

Read 27 tweets

Dan Neidle

@DanNeidle

Oct 6

Did the Good Law Project just kill carried interest?

(The "loophole" which means private equity executives pay tax at 28%, not 47%)

The GLP says they did. HMRC say nothing's changed. What's really happened?

Quick thread, including surprising documents HMRC disclosed to GLP

Private equity executives take a special interest in the funds they manage - "carried interest". It's very different from the investments that third parties make in their funds, because they don't pay for it

But if the fund performs past a pre-determined "hurdle", then the carried interest usually pays out 20% of everything over the hurdle. For a successful fund that can be multiple £100m, shared between a relatively small executive team.

Read 42 tweets

Dan Neidle

@DanNeidle

Sep 28

I posted earlier, suggesting that, instead of charging VAT on private schools' fees, Labour could raise an equivalent amount by scrapping their charitable status.

I'm concerned that the £1.7bn figure I quoted is wrong, and the actual yield from scrapping charitable status would be small.

We can ballpark it in a couple of different ways. First, the Independent School Council says the sectors total trading/financing/fundraising income is only £400m. Implying the tax yield would be c£100m isc.co.uk/media/8858/eco…

Read 11 tweets

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