How care-crisis homes made Saudis millions: Tycoon's firm funnelled cash to tax haven in Cayman Islands

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.