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Old News BUT A Fresh Media Story on Farage & Tax!

Posted by Greg Lance - Watkins (Greg_L-W) on 21/06/2013

Old News BUT A Fresh Merdia Story on Farage & Tax!

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Clean EUkip up NOW make UKIP electable! 


The corruption of EUkip’s leadership, 
their anti UKIP claque in POWER & the NEC 

is what gives the remaining 10% a bad name!  

regular readers of this blog will be aware that we drew attention to the scam of Isle of Man bank accounts to avoid British taxes being exploited by Nigel Farage several years ago. Farage was of little interest then but now with a very slack nes period the media are USING Farage and the4 cult he has created as a goad to other parties of relevance, to embarrass them and create stories.The media has had this story for an age but have never bothered with it as Farage is of little significance having destroyed the credibility of U*KIP imn the long term by running it as a cult – even to the extent of now managing self adulatory vi9llage hall meetings on a Dave alien basis with a bottle of wine and quofing it during his performance which is all about him and further undermines the cr4edibility of UKIP.UKIP has absolutely no one of gravitas or consequence and is anchored by a self publicist6 spiv – one strong wind and the entire organisation will risk being blown off course and drift inevitably onto the rocks to break up in internal squabbles of the mediochre as they try to take over the party.

UKIP hasn’t a single solitary individual of gr5avitas or consequence who could take over from Farage to lead HIS cult nor anyone who is of any value who couild even support him.

As I have said for a number of years UKIP has the benefit of riding a natural wave that i8s both popular and populist – the tune is excellent, the performing monkey on top of the organ is clever, charming and attracts the crowds, who like such dumbed down entertainment, but there is no organ grinder and thus the entire performance lacks leadership and vision, strategy or tactics and is constantly pilfered for bits by its own team – effectively the monkey dances well but for lack of an organ grimnder the very organ itself is increasingly being shown to lack all sorts of vital parts.

It is clear that with the rise in light weight populism and the cult of the celeb all UKIP has going for it is an increasingly ill informed and fickle claque parasitically feeding off the nuts the monkey drops.

Now that the numbers are increasing it is clear talking to the professional sephologists and more consequential journalists that UKIP may well have collapsed by the General Election, collapsed into the morass of impropriety, profligacy and petty scandals!

An amusing thought, though sad if one is a true EUroRealist patriot and remotely aware of the facts and the methods required to Leave-The-EU, we saw Robert Kilroy – Silk who having lost his career as an entertainer and commentator on TV swallowed the bait of Farage’s promise that he could become leader of UKIP (not in Farage’s gift at the time!).

Now we see Farage desperately maneuvering to make the transfer the other way to become a full time entertainer!

The one success Kilroy – Silk had that seems likely to elude Farage in the long run is that Kilroy – Silk was an MP before he made his name as an entertaining chat show host!

Beware Farage: ‘The higher up the tree the monkey climbs the more you see its rs’!

UKIP leader Nigel Farage admits mistake after setting up offshore fund to avoid tax

21 Jun 2013 08:16

The UKIP leader paid a tax adviser to create a trust in the Isle of Man – which he intended to channel funds through

Offshore: Farage set up scheme

Nigel Farage opened an offshore trust fund in a plan to slash his tax bill, a Mirror investigation has revealed.

But he insisted he did not personally benefit from the trust fund he set up in a bid to save thousands of pounds in tax.

And the UKIP leader even claimed he ended up out of pocket after opening the scheme on the Isle of Man.

The 49-year-old paid a tax adviser to create the Farage Family Educational Trust 1654 in the tax haven – which he intended to channel funds through.

The outspoken anti-Europe politician confessed its existence during a string of meetings with our investigators.

But the former City trader said: “My financial advisers recommended I did it, to have a trust really for inheritance purposes and I took the advice and I set it up.

“It was a mistake. I was a completely unsuitable person for it. I am not blaming them it was my fault.

“It’s a vehicle that you chuck things in through your life that you don’t need and you build up a trust fund for your children or grandchildren.

“It was called an ­educational trust and could have been used for grandchildren’s schools fees, things like that.

“It was a mistake for three reasons. Firstly, I’m not rich enough to need one and I am never going to be.

“Secondly, frankly, the world has changed. Things that we thought were absolutely fair practice 10 years, 20 years ago, 30 years ago aren’t any more.

“Thirdly, it was a mistake because it cost me money. I sent a cheque off to set it up.”

Farage’s statements are even more extraordinary as he criticised offshore tax havens – naming the Isle of Man – in a speech in the European Parliament.

Tax expert Richard Murphy, who studied our dossier, said: “There are only two good reasons to set up an Isle of Man trust.

“One is secrecy, you don’t want someone to know what is in there. The other is tax avoidance.

“And sometimes, of course, they go together.”

Nigel Farage visits Aberdeen to help candidate Otto Inglis in his campaign in the Aberdeen Donside Scottish by-election. Farage being fronted by Daily Mirror reporter
Evidence: Farage fronted by Daily Mirror reporter Nick Sommerlad in Aberdeen

Tax dodging costs Britain £35billion a year, according to HM Revenue and Customs, but Tax Research experts say it is as much as £123billion.

David Cameron backed a landmark deal at the G8 summit this week to crack down on corporate tax evasion.

The Mirror confronted Farage with financial documents as he campaigned for UKIP in Aberdeen.

These revealed he transferred his ­shareholding in Farage Limited after it was founded in 2003 to the Farage Family Educational Trust, based in Douglas, capital of the Isle of Man.

This meant the trust owned a 33% stake in Farage Limited, later rising to 50%.

Quizzed about the Farage Family ­Educational Trust, the politician insisted: “I was not a beneficiary.”

When we showed him a copy of Farage Limited accounts from 2004 indicating he owned shares in the city trading firm, he declared: “They are wrong then, aren’t they?

“I originally had the shares. I gave them away to the trust.”

Asked who set up the trust, Farage replied: “I set it up on behalf of somebody else.”

Pressed on who were the owners of the trust, Farage added: “There are none. It is closed.”

His brother Andrew, a co-director who owned the other 50% of the company, ­pocketed £969,000 in dividends from the firm.

Farage initially refused to confirm his sibling’s windfall. Asked if the payouts went to Andrew, he replied: “They must have done.”

And pushed on who received the £969,000, he said: “It’s a slightly unfair question because you are asking me to implicate someone else’s tax affairs in the Daily Mirror.

“It’s sensitive and the sums of money are quite big. You’re talking about nearly a million quid.

“The accountant who set up the company is prepared to speak to you.

“He will tell you on the record that I never received any dividends at all from that company ever and it all went to one ­individual. It’s not difficult to work out who it was.”

Farage Limited’s accountant Spencer Watson later confirmed that all £969,000 in dividends were paid to Andrew.

When we contacted Farage’s 47-year-old brother, he said: “I don’t want to make any comment. If I did, I did.

“If that’s what I earned that’s what I earned. All my money was paid and tax was paid on it in this country.

“Nigel had nothing to do with those monies. But if that’s what my accountant is saying then that’s fine.”

Andrew Robert Guy Farage
Brother: Andrew Farage
John Alevroyiannis

Farage himself claimed he was “unpaid during that period of time”. He added: “I packed up business completely in 2004.”

But on his Declaration of Members’ Financial Interests for the European ­Parliament dated January 2004, he stated that he was paid for being a director of Farage Limited.

He was also company secretary of the firm.

In every annual declaration from 2004 to 2009, Farage stated he was paid for “commodity broking”.

Farage Limited was his only company appointment posted at Companies House.

He later gave the Mirror a longer ­interview at the Kent home he shares with German-born wife Kirsten.

After inviting us into his kitchen, Farage was asked why he told EU ­officials he was paid for “commodity broking”, as he had said to our reporter he gave up business in 2004.

He replied: “Just to be careful, purely caution. I was over-declaring. I didn’t need to do it.”

He said he was unpaid as secretary and it was “an act of brotherly love”.

Companies House documents show the offshore trust remained a shareholder in Farage Limited until 2011.

The right-winger insisted it shut down in 2007 or 2008.

He said: “I sent a cheque off to set it up, out of my own taxed income, and basically just through administration fees that money disappeared.”

Accountant Mr Watson said he was not involved in setting up the Isle of Man trust for Farage.

He revealed Farage Limited lost a major client in 2011 and owed unpaid corporation tax.

Six weeks after the Eurosceptic resigned as company secretary in 2011, HMRC filed a petition to wind up the company.

Farage Limited went into a “voluntary arrangement” in 2011, one step short of going into administration.

Its debts of more than £100,000 are due to be paid off by 2017.

Reporting team: Nick Sommerlad, Andy Rossington, David Collins, Ben Rossington.

Farage on tax

Outspoken Nigel Farage last month told fellow members of the European Parliament they had a “common enemy – rich people, successful companies evading tax”.

The UKIP leader was elected as an MEP in 1999, earning £64,000 a year but he has boasted about claiming £2million in allowances.

Speaking on May 21 this year, he attacked European bureaucrats earning £100,000 a year who pay 12% tax under EU rules.

Farage said: “It is tax fraud on an absolutely massive scale. How can that be deemed to be fair?

“How can people struggling – the 16 million unemployed in the eurozone – look at these institutions, not only paying people vast sums of money but allowing them tax and pension benefits on a scale not seen else in the world?”

Farage has also called for tax cuts for the rich to tackle tax avoidance.

He said: “The biggest reason tax havens are allowed to prosper is we’ve this mindset we must try and get as much tax out of successful individuals as we possible can.

“If you do that, and if you have a complicated tax system, people will do all they can within the law to avoid paying tax.”

Why rich leg it to Isle of Man

Tax and secrecy are the biggest industries on the Isle of Man, employing around a quarter of the island’s 86,000 population.

But the Manx government is coming under new pressure to uncover its financial dealings.

There is no inheritance tax on the island and most companies pay no corporation tax.

Income tax is 20% or lower for individuals and is capped at £120,000 tax a year.

This low-tax culture has created a finance industry generating 40% of the island’s economy, where the average wage is 50% higher than the rest of the UK.

But tax campaigners, such as UK Uncut, have shifted attention to the murky side of island life, helping criminals and tax dodgers hide cash.

A crackdown on tax evasion using the Isle of Man, Jersey and Guernsey is expected to raise £1billion in five years, says HM Revenue & Customs.


1999 Nigel Farage elected to European Parliament

February 2003 Farage, his brother Andrew Farage and a third director set up commodity trading firm Farage Limited.

August 2003 A document filed at Companies House stated that Nigel Farage owned no shares in Farage Limited and the Farage Family Educational Trust 1654 owned 33 shares.

May 2004 Another document filed at Companies House stated that Nigel Farage owned 33 shares in Farage Limited and the Farage Family Educational Trust owned none.

October 2004 Farage was appointed company secretary of Farage Limited.

February 2006 Farage resigned as director of Farage Limited but remained as company secretary.

September 2006 Nigel Farage became leader of UKIP.

November 2009 Nigel Farage stood down as UKIP leader.

November 2010 Farage was re-elected leader of UKIP.

May 2010 Farage failed to win a seat at Westminster in the general election.

February 2011 Nigel Farage resigned as company secretary of Farage Limited.

March 2011 HM Revenue & Customs filed a petition at the High Court to wind up Farage Limited.

July 2011 Farage Limited went into a “voluntary arrangement” to pay off its debts by 2017.

To view the original story CLICK HERE





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