Really Surprised!

[TheBoatman]

Just returned from a weeks hol in Benalmadena and when I walked around the marina I was totally dumstruck as to the amount of British registered boats there. At a rough guess I would say 7 out of every 10 are British? I could have found more "foriegners" in Ramsgate.

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[steve_cronin]

The really posh Vouliagmeni Marina.....

...east of Athens (You fly over it on final approach to the new airport) is also populated by a vast majority of British flagged yachts & superyachts.

The Inland Revenue* have been informed!!

Steve Cronin

* I remember boat sharing with a tax inspector from Troon in Greece a few years back who revealed over dinner one night that "...Oh if they're sefl employed and they've a boat, we know they're probably on the fiddle"

Where are you now, Mike Owens?

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[Mirelle]

Re: The really posh Vouliagmeni Marina.....

....but I fancy they are mostly owned by non-domiciled persons, not UK taxpayers!

The Revenue periodically dust off the question of taxation of non-domiciled aliens - Gordon Brown raised this one again this year - but it seems, from those who read the smoke signals sent up by the Treasury, that they will once more let it pass, after the City has made its usual supplications about London Greek shipowners. The method used, quite legally, by the latter is to have an agency company in London which is remunerated by an address commission on freights earned byt the vessels it represents - the ships are invariably owned by Liberian corporations, typically with bearer shares in the safe of an EC3 shipping lawyer. One London Greek overcooked it when he declared an income of Pds 30K soon after buying a Picasso, and was duly roasted, but he was the exception.

Registration in Jersey or Gibraltar will produce a red ensign of course, with no tax obligation, and indeed merchant ships can now be registered in London with no tax obligation beyond the tonnage dues.

Your tax inspector friend's comment sends shivers up my spine! There are "yachts" and "yachts" and "self employed" and "self employed"!

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