Monday, July 04, 2011

GPs pocket millions from secret taxpayer-funded scheme

GPs pocket millions from secret taxpayer-funded scheme - Telegraph

A favourite is two or six doctors buying a huge building, which can be turned into flats, later, when they retire. They set it up as a Limited Partnership, which is a strange and rarely used financial tactic. One of the partners is nominated as having limited liability and is normally described as the renter from their own property company. He/ she then rents space to the others, who then rent each independent practice to the Health Service. That's why you find different phone numbers for the same surgery. They must be separate practices working with the same premises.
They can buy the building, together, as a property company and rent it to the Limited Liability partner who then sublets. If one leaves, then,they are bought out by the remaining partners and the new incomer buys a share. at current market value, not the cost price or just rents space as a sub let. So the property company makes rent and a profit. With careful management the property company will attract very little tax and the Doctors can then use their tax allowances against their primary income. Should the property firm make a loss then that loss can be apportioned out and used as a tax loss against the Doctors income. CONFUSED You are supposed to be!! Good job that I was an Accountant before becoming disabled.
In English Law they are said to be 'related' in everything. However, in Scots Law they are stand alone ventures.
So the new game is to register the property firm as a limited liability company in Scotland even if they have property elsewhere in the Uk. In Scotland they need two Directors so a wife signs up giving another tax allowance to go in the pot. In England Wales and N Ireland only one Director is required.
Some Doctors, on the South Coast of England, buy a plane and one learns to fly it. All tax deductible as a business venture. they may even employ a pilot and run a small air taxi service. All of the plane costs are deductible, too. They then fly to France and buy medicines,actually made in Britain and transported to France, at cheaper prices.!! They then sell them to their private patients at the British price. !!! It's all a sick joke... was that a pun???

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