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The usual trick is to then have your corporation (pile of illegal cash) loan "you" money - that was Manafort's way, for example. No tax owed on a loan, it's not

• wp381640 7y ago
  interesting that part of the way Manafort was caught out is that he had his offshore company directly purchase things for him FBI raided his home, found many bespoke suits in his closet. They traced them back to a high-end tailor and retailer in LA and went and asked them who paid for the suits. From there they located the offshore company and found it was in complete control of Manafort Where in Beverly Hills did Manafort Spend $500,000 in suits? https://www.latimes.com/local/california/la-me-manafort-rodeo-drive-20171030-htmlstory.html https://www.latimes.com/local/california/la-me-manafort-rode...
• C1sc0cat 7y ago
  HMRC are onto that one and are suing a lot of people over those scheames.
  • tomatocracy 7y ago
    It's more controversial than that. The government effectively passed a retrospective tax on this arrangement, called the 'loan charge' because they thought it should have been against the rules but it turned out in many instances it actually wasn't.
• rahimnathwani 7y ago
  "No tax owed on a loan, it's not income." Loans from UK companies to their directors are subject to corporation tax when the loans are granted. The corporation tax may be reclaimed after the loans are paid back: https://www.gov.uk/directors-loans/you-owe-your-company-money https://www.gov.uk/directors-loans/you-owe-your-company-mone...