Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: More than 70 martyrs in Israeli attacks on Gaza since dawn.
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations
Al Mayadeen's correspondent in Gaza: Israeli occupation aircraft launch airstrikes on the city of Rafah in the southern Gaza Strip
Netanyahu's office: At the end of the security consultations, the prime minister instructed the military to launch massive military strikes on the Gaza Strip immediately
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks

Wealthy businessmen hold British property via offshore firms - reports

  • By Al Mayadeen English
  • Source: The Guardian
  • 28 Jan 2023 17:55
3 Min Read

A Guardian investigation reveals how wealthy businessmen, such as Gulf royals, bought UK property via jurisdictions.

  • x
  • Tourists visit memorabilia stalls in the shadow of the Queen Elizabeth II tower that contains the bell known as 'Big Ben' in London, Tuesday, Jan. 18, 2022 (AP Photo/Alastair Grant)
    Tourists visit memorabilia stalls in the shadow of the Queen Elizabeth II tower that contains the bell known as 'Big Ben' in London, Tuesday, Jan. 18, 2022 (AP Photo/Alastair Grant)

An investigation conducted by The Guardian has revealed that some individuals have declared they own UK property through offshore jurisdictions, such as the BBC chairman Richard Sharp, a series of billionaire businessmen, more than 20 Conservative donors, and Formula One driver Lewis Hamilton.

"The declarations are made on the UK government’s new register of overseas entities, brought in to increase transparency and help the tax authorities by showing the ultimate owners of British property held offshore," the newspaper added, shedding light on how rich businessmen and Gulf royals "have legally bought up billions of pounds of mostly London property, often via jurisdictions such as the British Virgin Islands (BVI) and the Channel Islands."

Read: UK may need IMF bailout, is becoming 'sick man of Europe': Investor

Sharp, who is under pressure over a financial service secured by ex-British Prime Minister Boris Johnson, is the beneficial owner of a £4m flat in London held through a Jersey-based trust.

"Mr Sharp is a UK citizen, UK domiciled, and has always been meticulous about always paying the full amount of tax here. The flat in question is Richard’s elderly mother’s home," a spokesperson for Sharp said.

Related News

Johnson backed BBC chairman for position after £800,000; quid pro quo?

“Like many parents, he has been thinking about how to provide for his children on his death. This arrangement isn’t about a personal tax benefit to him as he pays more UK tax under this arrangement, but about him planning for provision for his children," the spokesperson added.

As for Hamilton, he owns in Kensington a £16.5m property via the BVI. He gained no tax benefits from the arrangement, as per his spokesperson.

The Companies House register listed as of Friday "17,754 overseas entities, with thousands more expected to register before the 31 January deadline."

With 55 percent of all overseas owners declared so far, the register shows that the  Gulf states' royal families, including Saudi Arabia, the United Arab Emirates, and Qatar, "own about £1bn of UK property via tax havens such as Jersey and the BVI."

Billionaire businessman and philanthropist Wafic Saïd, who is credited with helping KSA buy British weapons in 1985 in the biggest arms deal in history, is one of the ultimate owners of a Bermuda company that holds a commercial property in the City of London.

“As with many other foreign investors, my family holds some UK investments through overseas companies. I am assured that is perfectly legal. In any case, I am not resident in the UK and I am not a beneficiary of the trust which holds this property," he said.

  • Richard Sharp
  • Lewis Hamilton
  • UAE
  • China
  • Gulf
  • London
  • United Kingdom
  • BBC
  • Saudi Arabia
  • Qatar

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Members of the al-Qassam Brigades, the military wing of Hamas, and Egyptian workers search for the bodies of hostages in a tunnel discovered during searches in Hamad City, Khan Younis, in the southern Gaza Strip, on Tuesday, Oct. 28, 2025 (AP)
Politics

'Israel' obstructing Gaza body recovery, creating false claims: Hamas

Lebanese Prime Minister Nawwaf Salam talks to US Deputy Special Envoy to the Middle East Morgan Ortagus at the Grand Serail in Beirut, Lebanon, October 28, 2025 (NNA)
Politics

Salam conveys to Ortagus goals behind any possible negotiations

Writers boycott NYT, demand justice as Gaza media ban faces court
Politics

300+ writers boycott NYT Opinion, cite persistent anti-Palestine bias

Settlers attack West Bank olive harvesters, Injure 3 Palestinians
Politics

Settlers attack West Bank olive harvesters, injure 3 Palestinians

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS