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 Unfortunately, London based hedge fund boss repays $43m tax

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RR Phantom

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Unfortunately, London based hedge fund boss repays $43m tax Vide
PostSubject: Unfortunately, London based hedge fund boss repays $43m tax   Unfortunately, London based hedge fund boss repays $43m tax Icon_minitimeFri May 23, 2014 7:31 pm
A London-based billionaire appointed by Joe Hockey to advise on Australia's financial regulations runs companies that have repaid tens of millions of dollars after exploiting tax loopholes.

Unfortunately, London based hedge fund boss repays $43m tax Art_n_hintze_2405-300x0

Australian-born hedge fund boss Michael Hintze, who is connected to the British Conservative Party, last year approved the repayment of nearly $43 million in a settlement with the UK taxman after companies in his CQS group used ''employee benefit trusts'' that ran foul of authorities.

Sir Michael, known in the British press as the ''godfather of Tory donors'', has a reported personal wealth of $1.8 billion. His financial empire, elements of which have also utilised tax havens such as the Channel Islands and the Cayman Islands, reportedly generated $154 million in 2011, but paid an apparently modest $55,000 in corporation tax.

http://www.smh.com.au/federal-politics/political-news/lib-adviser-repays-43m-tax-20140523-38ufq.html
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