Lewis Hamilton 'avoided tax' on £16.5m private jet, according to Paradise Papers
Lewis Hamilton avoided paying tax on his £16.5million private jet, according to Paradise Papers documents.
The Formula One world champion, one of the best-paid sportspeople in the world, was given a £3.3million VAT refund once the aeroplane had been brought into the Isle of Man four years ago.
Hamilton, who has lived in the tax havens of Switzerland and Monaco since the start of his F1 career, allegedly used various companies so he could avoid paying the money on the plane, which he has used frequently for business purposes since 2013.
Any private jet that was bought outside of the EU is subject to 20% VAT, so that it may move freely around the continent. It would hen be entitled to a VAT rebate if it was to be used only for business.
Hamilton’s lawyers say a review by tax barristers show the deal, that had been set up by his advisers, was lawful.