Arka Wealth sell a scheme they claim avoids *all* tax - corporate tax, income tax, CGT, and inheritance tax - in the UK and across Europe. It's promoted on TikTok to 220k followers.
We’ve investigated. It’s nonsense - and dangerous. The Government must act.
Here's why 🧵
We’ve investigated. It’s nonsense - and dangerous. The Government must act.
Here's why 🧵
Comments
A useful barometer, if we can be told who falls for it.
Fair tax is what creates a functioning & fair society.
Not paying tax tells friends & customers they are worth less than the soul crippling greed motivating them.
1. transfer your company's intellectual property to a Cyprus trust.
2. your company now pays all its profits as royalties to the trust.
3. the trust buys you stuff and makes loans to you.
Why?
Some excerpts from our full report (linked below)
A whole lot of rules mean putting property into offshore trusts usually triggers more tax than if you'd simply done nothing at all. https://buff.ly/3D91DYY
As an Italian colleague always used to stress: the Italian tax police carry machine guns.
Some clients won't tell HMRC what they've done - a criminal offence, but they may get away with it. We all lose out when their tax is evaded.
Others will be landed with large liabilities, exceeding the tax they hoped to save. Some will go bankrupt.