Saudi Arabia’s wealthiest families have profited at the expense of Britain’s most vulnerable care homes residents, the Daily Mail reports, citing CICTAR research.
According to a report by the Centre for International Corporate Tax Accountability and Research, the companies in the HC-One structure have loaned money to each other via complex accounting, with very high interest rates. These high-interest payments reduced taxable profits in the UK and let the company shift money to the Cayman Islands as interest income – where it is tax-free.