I hate Formula One.
It’s not that I don’t enjoy sport (I don’t but it’s beside the point), it’s that the sport is a subsidiary activity to massive tax avoidance.
Two of the most popular grand prix are in Monaco and Singapore. It is no surprise that these events channel profits into tax havens.
Both Monaco and Singapore appear on the list of tax havens used by the Guardian in a recent article on MPs with links to tax havens. The list is taken from the Stop Tax Haven Abuse Act (STHAA) and reads as follows:
(ii) Antigua and Barbuda
(viii) British Virgin Islands
(ix) Cayman Islands
(x) Cook Islands
(xi) Costa Rica
(xvii) Hong Kong
(xviii) Isle of Man
(xxv) Netherlands Antilles
(xxviii) St. Kitts and Nevis
(xxix) St. Lucia
(xxx) St. Vincent and the Grenadines
(xxxiii) Turks and Caicos
The name of the act is stupid, by the way. I told them it should really be called the Cease Using Non-taxing Territories Act but they wouldn’t listen.
Also, I’ve had discussions with people who know people at Guardian Media Group who think that the Cayman Islands really shouldn’t be on that list. It’s nice over there apparently.
Isle of Man isn’t (nice) and I draw attention to a stupid bike race they have there, presumably for tax avoidance purposes too.
Back to F1 avoidance, the F1 teams based in the UK use a tax loophole known as “research and development tax relief” to avoid paying taxes in the UK.
I have heard that they are developing a new loophole for cutting tax on their income on patents by over 50%.
This is a gross injustice which helps deprive us of money The State could be using for eugenics experiments.
Even the BBC have spent money covering this abominable sport rather than putting on a season of documentaries on Lenin.
And finally, it’s been ages since they had a decent crash.