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Wealthy Tory MP invests in alleged tax avoidance scheme

It looks like that not just contractors have to worry about running afoul of the taxman: ultra-rich Tory MP Geoffrey Cox QC might be in some deep, deep trouble.

Mr Cox, who is the highest-earning MP in the UK, has been sinking massive amounts of cash in a tax planning scheme that’s been targeted by Her Majesty’s Revenue & Customs for investigation into whether it’s actually just another tax avoidance racket. The Phoenix Film Partners LLP scheme is one that many wealthy celebrities have been using lately, and while on the face it’s just another run of the mill movie investment scheme, HMRC says that it’s dodgy – and is holding its hand out for some rather hefty payments.

Three years after the election that brought him to power in 2008, Mr Cox signed up with the film scheme and has been socking away untold amounts of cash into it since then. The barrister, who earns something like £600 an hour in addition to his £67,000 salary as an MP. Now I know this is a tangent but this geezer makes something like £330,000 per annum as a lawyer – why is he taking a salary from taxpayers as well? Doesn’t he earn enough as it is?

Perhaps he’s a bit spiky from having to pay the higher tax rate every year. It would make sense as to why Mr Cox has been using his so-called ‘investment scheme’ for years, especially if he’s a bit resentful about having to pay for things like infrastructure and schools and everything else our tax money goes to every year. Like any good lawyer he has of course refused to comment on what he calls his ‘private tax affairs,’ which doesn’t surprise me at all. I mean someone who earns that much money can assuredly afford a very, very good lawyer.

Something tells me that even if Mr Cox ends up getting raked over the coals by the taxman there’s not going to be much that comes out of it. The super-rich have their ways of weaseling out of pretty much any trouble they encounter, simply by throwing money at it – and this bloke is as rich as Croesus. And yes I’m bloody jealous!

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