Prince Charles suspected of tax avoidanceDecember 15, 2012 - 18:23 AMT PanARMENIAN.Net - Her Majesty's Revenue and Customs (HMRC) has been asked to investigate alleged tax avoidance by Prince Charles's £700m hereditary estate. The duchy of Cornwall last year provided Charles with an income of £18m and HMRC's anti-avoidance group is now being asked to examine its non-payment of corporation tax following a potentially significant court ruling on its legal status. The issue has been raised by an accountant investigating the tax affairs of the duchy – an agricultural, commercial and residential landowner. He has analyzed the impact of a judicial ruling handed down last year. Anti-monarchy campaigners claim it shows the duchy is running "a well-entrenched tax avoidance scheme". The duchy insists it "is not subject to corporation tax as it is not a separate legal entity for tax purposes". But John Angel, principal judge at the information rights tribunal, ruled last December it was a separate legal body to the prince. Accountants now believe the ruling could leave the duchy exposed to the 24% levy on profits other organizations must pay. Any change to its tax status could result in a cut to the prince's income. Republic, the campaign for an elected head of state, has asked HMRC's anti-avoidance team to investigate whether the ruling means the duchy is now "using a highly questionable interpretation of its legal status as a means of avoiding corporation tax obligations". A spokesman for HMRC said it would evaluate the information and "take appropriate action". There is no suggestion any law has been breached. Clarence House strongly denies claims of avoidance. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |