The super-rich are being advised how to use a loophole in pensions investments to shelter their wealth from Labour’s clampdown on large-scale tax dodging, the Guardian can reveal.
Undercover filming by the Guardian suggests multimillionaire UK residents are being pitched offshore products said to legally protect their fortunes from inheritance tax (IHT) and capital gains tax (CGT).
At a private event held a week before the general election, the international accounting brand Baker Tilly told advisers to the ultra-wealthy how they could use offshore pension schemes to shield their clients’ fortunes from tens of millions of pounds of inheritance taxes.
One promoter told how his client had placed £30m into a pension scheme to protect it from inheritance taxes.
Yeah the loopholes were written by people who went into business, learned the tricks of the trade, got advised on how to skirt the system, ‘retired’ to an advisement position lobbying or joining the government entities responsible for making policy so they can put new loopholes into the system and advise companies on how to use them.