When Lewis Hamilton was placed under investigation for tax evasion for a £16.5 million jet purchase

When Lewis Hamilton was placed under investigation for tax evasion for a £16.5 million jet purchase

Lewis Hamilton

Lewis Hamilton, a 7-time World Champion, is largely also known for his personality and the kind gesture he has towards everyone, but even a person like him could get stuck in tax evasion, which he rather did, back in 2017.

According to leaked records, Hamilton used an Isle of Man programme to secure a £3.7 million VAT return on his £16 million private plane.

By establishing a fictitious leasing company through which he “rented out” his private plane to himself, the Formula 1 world champion reportedly dodged taxes. He and others allegedly received assistance from the accounting firm EY and Appleby in setting up leasing corporations through which planes were hired, while still being permitted to utilise the jets for personal travel.

According to The Guardian, legal tax avoidance strategies are not prohibited, and according to Hamilton, his attorney assured him that the arrangement was legal and “was not involved with day-to-day operation of his firm.”

Additionally, while jet owners are allowed to deduct VAT from the cost of buying and maintaining their aircraft if they use it for commercial travel, they must pay VAT if they use it for personal travel or leisure.

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Lewis Hamilton back on the track

Lewis Hamilton
Lewis Hamilton

Although it has been over 5 years since the incident, and Lewis Hamilton has managed to win three more Formula 1 World Championships, this entire incident remains like a blot in the events of his life. He is now considered to be one of the activists on the grid, along with Sebastian Vettel, and is known for being helpful to others, and guiding the youngsters on the track with his immense experience and knowledge. 

Currently, he stands 6th in the championship with 146 points in his bag. 

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