Dodgy financial schemes

So, the British Financial Consultants in Spain strike again! You know the ones –those nice, highly qualified ‘experts’ who lurk around inside shops and offer to advise us on how to give them our money. They might want to flog you a funeral plan or offer you an amazing investment or just simply tell you how to transfer money (through them of course for safe-keeping)!

Well now its Rothschild Bankers turn to grace the pages of shame as between 2005 and 2008 they had a tax dodge scheme that in fact was a re-mortgage, so elderly people found that they suddenly had huge monthly outgoings on property they previously owned and had basically joined a tax scam. A Malaga based lawyer has said “In short, independently of what happened to the investment, Rothschild advertised a loan aimed at reducing inheritance tax, which is a breach of tax law,” This thinly disguised equity release plan has already been condemned by the Tax Office as a ‘fraudulent scheme’.

The scheme was sold by ’independent advisors who claim they didn’t realize it was illegal and Rothschild’s claim that they didn’t promote the scheme, they just stumped up the dosh.

A court in Denia has since summoned Baron David Rothschild, the chairman of Rothschild bank, to answer questions in relation to its investigation into the alleged fraud.

So all beware of the smiley (or smarmy) individuals who sidle up to you next time you are in Iceland and offer to help you spend your hard-earned.

Some people are very greedy; they want to believe and believe they will, it's a bit like buying something that is so cheap that it must be stolen, but buy it they will. Anyone who falls for being chatted up in a supermarket/bar etc and believes that all is kosher, is nothing short of a bloody fool.

My accountant warned me off one of these tac schemes  a winchan scheme put your home in a company and avoid tax payments to the Spanish goverment 

Fortunately it has been closed down now and large fines imposed he said

Love Hugh

You had best let Google know as they appear to alive and well as far as they are concerned. I was under the impression that any legal purchase can be held in a UK Ltd Company, it is also possible to hold Spanish shares in a UK pension/investment fund and visa versa.

You need to stop talking to all the drunken residents ** EDITED **, they don't know what they are on about. 

This message was last edited by crookesey on 06/11/2014.

I was under the impression that any legal purchase can be held in a UK Ltd Company, it is also possible to hold Spanish shares in a UK pension/investment fund and visa versa.

Probably  true,  but whether it is tax efficient I doubt.  I too have taken a look a couple of 'tax avoidance schemes' and so far have not found one which is legal and efficient.  So I continue to pay the tax man and sleep at night

As laws have changed over the years, holding property in a UK Ltd Company is no longer the tax advantageous thing to do.

There is a very good article here which explains it very well. (It also dispels some of the myths on inhertance tax which might be of interest to some of you).

Antonio Flores the well known Spanish Lawyer says that setting up a UK Company is probably one of the worst things you can do. He actually mentions Wincham.

http://belegal.com/blog-by-antonio-flores/spanish-inheritance-tax-a-cynical-approach/

wincham are also into property sales and have seen them spamming forums from time to time. The only advantage of these schemes are to the sharks who sell them. Take a look at their inflated fees.

Can anyone explain why my links do not work?

Unfortunately Crooksey, most of the victims of the Rothschild scheme were elderly people who were pressured into joining an illegal scheme that was sold as an equity release programme but in fact was a massive re-mortgage scam. I don't understand the references to greed, when the victims ended up saddled with  huge monthly mortgage repayments on homes that they had already paid for.

As for the weirdos on this site who 'dislike' posts that bring the plight of elderly people who have been ripped off by the 'financial experts' to other possible victims attentions, all I can say is that you are heartless - or you are among the legions of these unqualified and apparently unregulated 'consultants' and don't like adverse publicity.

I agree with Woodbug re his last point - something should be done by EOS about the absurd and growing number of dislikes on innocous threads. 

Perhaps these bods see themselves as "trainee internet trolls" and get off by being unpleasant, but it is distinctly unhealthy, particularly as they cannot currently be identified.

I've made the comment before that the number gratuitously handed out is becoming a bit daft.  We don't have to all think the same, but some "dislikes" make no sense whatever.  Perhaps it might help if they were identified rather than being anonymous?
 

I agree likes and dislikes have their place but those who like or dislike should have their username shown in a similar way to facebook

I have liked and disliked some posts and would be happy for my username to be revealed when I like or dislike a post

Interesting points about the likes and dislikes. Thanks for the contribution, we will certainly look into it and make a decision shortly.

I said this some months back, either stop them or show the names, no problems from me showing my name,  I have even got a dislike for removing a double post I put on by mistake...What kind of wierdo is that then? a dislike for an empty post.

It wasn't the Rothschild scheme that I was thinking of, however certain posters state that it has been declared illegal and banned, when a simple Google search proves the opposite.

It comes to mind that all the accountants that shout down these schemes are Spanish and have never been involved in them. If folk think that Spanish IHT levied on half of their home when the first death occurs is a good thing then they are free to do this. I would very much like to see the Spanish Revenue's wording relative to them making these schemes illegal, folk are adamant that this is the case but no proof has been supplied, perhaps it's a 'man in the pub/bar scenario', that bloke causes so much controversy, but then again you only have to buy him a drink don't you?

** EDITED - Off thread **

** EDITED - Off thread **

Mariedav thats a very interesting article regarding these illegal tax evasion schemes, I do hope they eventually get found out the Winchan and Rothchilds of this world but what a mess there greed leaves poor unsuspecting individuals in

Are advisers not regulated in Spain as they are in the UK ?

** EDITED ** 

Hugh

Well my tongue in cheek, none personal remark certainly found a home didn't it? 

I would very much appreciate sight of the Wincham scheme banning order, not an article by very bitter accountant Antonio Flores.

** EDITED - Off thread **   

I had a long exchange of emails with Wincham's.  Many of the 'facts’ they supplied were distorted or plain incorrect and when I asked in depth questions about the legality of their suggested schemes they back off and said they could not help me.

That said,I also had an exchange with them following a newspaper article by Antonio Flores, in which they refuted his allegations.  However had anyone said about me what Flores said about Wincham’s, and it was incorrect, I would have sued.  I don’t think Flores has been sued.

So where is a copy of the banning order that is supposed to have been issued? What I do know is that the Wincham scheme was never dsigned for those who are resident in Spain, it was designed to keep the assets of UK residents within the  HMRC regime.

As yout last post followed my last, and it repeats a question in a previous post,  I just want to point out,  I did  not mention banning orders, so sorry, if you are asking me, I cannot answer your question.

Please keep this thread on track.