Have a read of this tax haven structure and its suggested uses.
Can anyone suggest what legitimate uses there might be for this structure?
I can think of none at all.
But maybe someone can suggest good reason otherwise.
But they'll have to involve no law anywhere being abused in the process.
Let me know. I'm keen to hear.
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Because all taxes are evil and illegitimate (even if they are legally required) and people who avoid them are heroes?
(sadly there are people in the world who believe this)
I tried Richard, I really did. However, I’ve failed miserably to find anything there that is legitimate. Legal, possibly depending on circumstances. However, as we know politicians are basically in it for themselves therefore I wouldn’t hold my breath for any real change soon.
I don’t think it works to be honest. Certainly not for UK tax anyway. Either there would be tax on the income or gains when they arose, or certainly when you took funds out of the structure. It might actually be worse than holding the assets directly in some cases.
Who are the beneficiaries of the Belize trust? It doesn’t say, which leads me to think it’s “black hole trust” planning, which is also described as “purpose trust” planning. I personally have always thought that purpose trusts were a sham (although I am not a lawyer) and relied simply on HMRC not finding out who the owner was. Tax evasion, rather than tax avoidance. I do know however that the high profile UK lawyer who developed and championed “purpose trusts” was disqualified (possibly also imprisoned, I forget the details) a few years ago.