If offshore tax havens are so evil, in the eyes of the Treasury and HMRC, why are HMRC's buildings subject to a sale and leaseback deal with Mapeley PLC (a property company based offshore in Guernsey)?
"In April 2001 we purchased the portfolios of the department of Inland Revenue, HM Customs & Excise and Valuation Office Agency (since merged into HM Revenue & Customs - HMRC). These portfolios totalled 147 freehold properties and 454 leasehold properties. Our agreement with HMRC includes 20 year sale and leaseback and the provision of comprehensive property and facilities management services to most of the HMRC estate.
As at 30 June 2008, the total value of this portfolio was £526.8 million.
Under this contract we own the freeholds and manage the leaseholds occupied by HMRC as principal (we take the risk of rising rents and we benefit from falling costs), provide a full facilities management and carry out construction fit-out works on behalf of HMRC to a pre-agreed price."
Tax does have to be taxing.
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