Douglas Barrowman sold a possibly criminal, tax avoidance scheme using an Isle of Man company called Principal Contracts Ltd. The Isle of Man authorities say it failed to file accounts, paid unlawful dividends, & failed to pay £5m of Isle of Man VAT. Guess what happened next? - ThreadSky

danneidle.bsky.social • 41 days ago

Douglas Barrowman sold a possibly criminal, tax avoidance scheme using an Isle of Man company called Principal Contracts Ltd. The Isle of Man authorities say it failed to file accounts, paid unlawful dividends, & failed to pay £5m of Isle of Man VAT.

Guess what happened next?

Comments

teespirit.bsky.social•41 days ago

As I understand it, people can avoid any serious consequences if they use the following excuses: 1) Implicitly thought it was within the rules 2) I've mates close to gov't so therefore 'let me off with a stern tutting' 3) I'm a wealth creator, if you punish me people will no longer create the wealth

maggiedownie.bsky.social•41 days ago

📌

rogersunshinecoast.bsky.social•41 days ago

Thank you Dan very interesting.

stevewmobb.bsky.social•41 days ago

My first thought is who does he know?

mkcatlady.bsky.social•40 days ago

My first thought was how many ££ changed hands and to whom?

podgyfingers.bsky.social•41 days ago

When will HMRC act? What are the police doing to pursue him (and his wife) for blatant fraud? This is a disgrace.

britsagainstbrexit.bsky.social•41 days ago

Thanks Dan, this is a great thread. I went into the whole Knox name a while ago because of Medpro and Mone. What a twisted web she and Barrowman have spun.

clairejane5.bsky.social•41 days ago

Thanks for putting this out here. Wish I was more shocked. This won't be the only major milking outfit, will it? Time to write to my MP again. 🙄

just-me123.bsky.social•41 days ago

'Wish I was more shocked.' Exactly.

danneidle.bsky.social•41 days ago

PCL sold tax avoidance schemes which replaced normal taxable employment income with supposedly non-taxable loans.

The schemes never worked, but HMRC failed to challenge them in the usual way. In a panic, the Government introduced a "loan charge" to tax the loans.

danneidle.bsky.social•41 days ago

Barrowman's response? He sold his clients/victims a new scheme that involved writing letters saying the loans had been repaid. They hadn't. It just wasn't true.

The new scheme was shocking in its brazenness, and should have been investigated as criminal tax fraud. It wasn't.

danneidle.bsky.social•41 days ago

And the lawlessness extended to the Isle of Man. One of the companies behind the schemes, Principal Contracts Ltd, never filed accounts, but paid £m in dividends anyway.

danneidle.bsky.social•41 days ago

The Isle of Man authorities say that, as a result, the company went bust, with almost £5m in Isle of Man VAT unpaid.

danneidle.bsky.social•41 days ago

This just came before an Isle of Man court. The liquidator had waited too long to file a claim. Extensions were granted, but improperly.

So Barrowman & Co get away with it. Again.

cwadeevans.bsky.social•41 days ago

These two seem to keep on “getting away” with it.

danneidle.bsky.social•41 days ago

As depressing as the case is, it gives us something. Barrowman goes to great lengths to hide his ownership of companies. He's almost never a director, shareholder or registered beneficial owner. But he *was* a defendant in the IoM case, because:

colg.bsky.social•41 days ago

Zilch?

winstann68.bsky.social•41 days ago

We now have a Barrowman type entering the White House.

Sad times

jacquelinecable.bsky.social•41 days ago

Fuck all?

They got away with it...

byrdsman75.bsky.social•41 days ago

If the authorities fail to investigate, this will just keep happening

But, if I didn't pay my taxes on time.....well, you can imagine the rest

Dear God

leapy14.bsky.social•41 days ago

The way HMRC have relentlessly pursued and punished the loanees as the easier target is unconscionable.

f1n0.bsky.social•40 days ago

Looking at this together with the Post Office Horizon scandal, we can only conclude that this is how the UK government intends to operate whenever its, or a corporations, profits are in jeopardy.

Citizens are a disposable commodity in the UK.

btibbels.bsky.social•41 days ago

"Barrowman" my arse. When did this grifter grow up.

junglegerbil.bsky.social•41 days ago

How come the tax authorities don't act? Is it too difficult? Too expensive or resource-intensive? Or could it be something more to do with him having friends in high places? Appreciate you may not be able to answer that ...

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