John Lennon house and Lewis Hamilton mansion on offshore ownership register | Real estate
John Lennon’s first home, a £16.5m London mansion owned by Lewis Hamilton and the country house of illusionist Uri Geller were among the properties owned by offshore companies as part of a government transparency campaign.
Hamilton, Geller and Lennon’s widow Yoko Ono have declared themselves the beneficial owners of overseas companies that own property in the UK. Their disclosures are among the thousands filed on a new registry that the government says will help ensure HMRC collects the correct amount of tax by increasing transparency about property ownership.
Owning real estate through offshore companies is legal. All persons listed in the register as beneficial owners have complied with their legal obligations to declare assets.
The registry removes doubts about ownership of Lennon’s childhood home, which was previously reported to have been bought by a mysterious Beatles fan in a phone auction.
Land registry records show that Newcastle Road LLC, incorporated in Delaware, USA, bought the property in 2013. Although there had previously been speculation that Ono was behind the purchase, new filings made at Companies House confirm that she is the beneficial owner of Newcastle. OOO Road.
Ohno paid £480,000 for a property in Wavertree, Liverpool in 2013, reportedly more than three times the initial asking price of £150,000. The representative did not respond to a request for comment.
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A new UK Government Overseas Registry has been created to improve transparency on UK property ownership and to help authorities ensure that the correct amount of tax is paid. Owning real estate through offshore companies is legal. Owners of property through offshore companies may do so for many reasons, from tax incentives to privacy or liking for the stability or ease of a particular offshore tax regime. Offshore taxation is “challenging,” according to the government.
But the ministers concluded that being transparent about foreign ownership of British property is an important step in improving the way the tax system works. “While the vast majority of people and businesses pay the correct amount of tax, mistakes are made,” the government said, explaining why the registry is being introduced. The foreign entity registry appears to be a big step forward in terms of transparency, with thousands of owners, including those reported by The Guardian, claiming ownership. All persons listed in the register as beneficial owners have complied with their legal obligations to declare their assets. About a quarter of filing companies still do not publicly disclose their property because trusts are only required to provide information about their beneficiaries to the tax authorities.
The Guardian has previously reported on offshore ownership of companies through leaks such as the Paradise Papers and the Pandora Papers, leading governments, including the UK government, to look more closely at international tax affairs and offshore secrecy. The Guardian believes that the disclosure of property in the UK held by foreign and offshore firms of the wealthy, powerful and politically connected increases this process of transparency and allows readers to better understand the power structures that affect their daily lives.
The register also shows that Hamilton declared himself the owner of three companies registered in the British Virgin Islands with correspondence addresses in Guernsey. It is assumed that the structure of the company was organized to protect the privacy of the Formula 1 driver.
It was previously reported that Hamilton paid £16.5m for a mansion in central London in 2017. The data in the registry indicates that the property is owned by a company registered in the British Virgin Islands. Hamilton also has two other offshore companies that own two more properties in the UK.
A spokesman for the seven-time world champion said: “Lewis Hamilton’s ownership of UK properties through companies registered in the overseas business register does not give him any tax or other financial advantage in the UK. Lewis supports the new registry, as evidenced by his inclusion in the UK Property and Associates Register and his beneficial ownership.”
Geller, known for his spoon-bending and bold claims of his ability to influence the outcome of football matches, also made a statement to the roster. He owns real estate in Berkshire through Sonning Riverside Estates in the British Virgin Islands.
An entry on the Savills luxury real estate website indicates that the eight-bedroom country mansion on the banks of the Thames is available for rent. In 2015, he reportedly tried to sell the property.
Residents will enjoy a home theater, gym, storage and wine cellar, as well as a heated outdoor pool, tennis court, parking for four cars, a helipad and an “interesting pyramid” in the garden. Geller did not respond to requests for comment.
