Harry Redknapp case a boost for IT contractors

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2005

Harry Redknapp Not Guilty

IT Contractors, who hold funds offshore, will be reassured by the not guilty verdict in the Harry Redknapp case.

A jury has accepted that a loan is a loan and should be treated as such and not as taxable income.

It also reiterates that it is not wrong to have an offshore account.

Distortion

Said one offshore Umbrella Company Director ‘HMRC‘s rhetoric seeks to portray all offshore accounts as illegal and this is a massive distortion of the law.

‘Of even more concern is that HMRC wasted £8m of taxpayers‘ money pursuing a case that was effectively a PR stunt, which massively backfired on them.

‘As is the accepted practice, not one individual from HMRC will be held to account for wasting a huge sum of money in a time of supposed austerity’.

The person quoted didn‘t want to go on the record as he said ‘we are always wary of poking a potential hornets‘ nest when it comes to HMRC as they have demonstrated disregard for due process too many times to count’.

Eggmen

It looks like HMRC picked a high profile figure like Harry Redknapp to put the wind up those with money overseas but it has left them with egg on their faces as it has had the opposite effect of reassuring those with offshore funds that HMRC can‘t touch them.

They should have remembered that juries tend not to convict well known popular figures.

They should have also remembered that a loan isn‘t taxable.

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