Home > Common Sense, Formula 1, Formula 1, Hypocrisy, Innovation, It's all about money, It's just wrong, Madness, Technology, The economy, what are the options?, Why it's all gone horribly wrong? > Make sure, you’re driving for the right team #F1 #corporationtax #HMRC #justwrong

Make sure, you’re driving for the right team #F1 #corporationtax #HMRC #justwrong


Tax

Tax (Photo credit: 401K)

pitpass – F1’s 5% tax manoeuvre.

I should start by saying that I enjoy watching F1, it’s a great sport and undoubtedly the new technology finds its way into the everyday lives of ordinary people.

Then to be honest, I started reading this article about the low tax rate for F1 and it’s complicated, very complicated.

The point is that F1’s tax rate is about 5%, seemingly all with the blessing of HMRC.

This is the same HMRC that will come after you, if you forget to pay your self-employed NI on time, the same HMRC that will fine you £100 for submitting your tax return after the 31st January deadline.

It’s also the same HMRC that is hounding individuals for ‘hiding’ their money in offshore accounts. So what’s the difference?

The upshot is that a select group of wealthy people are continuing to take advantage of the tax system and the middle classes who support the sport, by way of buying merchandise, tickets etc etc..

All of this is excellent news for Mr Ecclestone‘s daughters, who have recently embarked upon a property buying spree. Personally I say, “good for you”, it’s what any parent would want for their children and as the daughters are quick to point out, why should they apologise for their father’s success.

Sadly, you can’t help but have a slightly sour taste left in your mouth as part of the success seems to be funded by HMRC’s generous attitude.

It’s a bit much when “average Joe” is scraping around trying to earn an honest decent living for his family, in the face of tax hikes, austerity measures, blah blah blah….

Common sense, don’t support F1 without it!

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