Originally posted by AtW
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The 'who's' getting shafted over tax avoidance thread?
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Originally posted by doodab View PostThe only way it doesn't look good is if you get pissed and squint very hard through a prism of malice. Not to mention that Sir Chris Hoy is Scottish and as such should be expected to be tighter than a ducks bumhole.
Oh yes - because bank would charge much higher level of interest perhaps?Comment
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Originally posted by AtW View PostWhy did not he get massive unsecure loan from bank instead?
Oh yes - because bank would charge much higher level of interest perhaps?
I choose to pay 4% back into the company instead of the 3% I could probably get a mortgage for. It's just much easier.
Does anyone else have an opinion on whether taking a huge directors loan (correctly accounted for and managed) is in any way a grey area?Comment
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Originally posted by AtW View PostWhy did not he get massive unsecure loan from bank instead?
Oh yes - because bank would charge much higher level of interest perhaps?And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by Mich the Tester View PostIf he owns a business that has enough money to loan him at a lower rate, why shouldn't he?Comment
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Originally posted by AtW View PostIt's not a problem if the business is about loaning money and has got it in articles of association that massive loans to directors at low interest rates without security are ok"I saw an opportunity to buy property and with the guidance of my advisers I borrowed money from my company to do so. The loan was subsequently repaid shortly thereafter by declaration of fully taxable dividends."And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by Kanye View PostDoes anyone else have an opinion on whether taking a huge directors loan (correctly accounted for and managed) is in any way a grey area?
Sure, some people might find it a bit "odd". If, in effect, the company is getting a rate of return of 4% or whatever rather than whatever it would otherwise get then it is sensible business.
It is, however, widely perceived to be a bit "odd".Comment
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Originally posted by Mich the Tester View PostThis doesn't give me the impression that the loan was 'unsecured'. He took it out to buy property, which would most obviously be the security for the loan.
"This amount was unsecured and interest free with no fixed repayment terms."
Chris Hoy received loan from his own firm | Sport | The Guardian
How much would an unsecured loan cost without fixed repayment terms - perhaps 10-15%?Comment
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Originally posted by AtW View PostIt would only be secured if the business got a charge on it (just like banks do when giving mortgages) - do you think he had it? According to news articles loan was not secured:
"This amount was unsecured and interest free with no fixed repayment terms."
Chris Hoy received loan from his own firm | Sport | The Guardian
How much would an unsecured loan cost without fixed repayment terms - perhaps 10-15%?And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by Mich the Tester View PostYes, and the Grauniad found out by looking at his company's accounts, which were obviously published as they should be. It's not as if he's hiding something.Comment
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