From Political Scrapbook

With David Hoare taken on as the new chair of Ofsted, it wasn’t for his involvement with a successful group of schools (the academy chain he works for is one of 14 banned from expanding).

Apparently it’s for his ‘business experience’. New education secretary Nicky Morgan states:

“He is a proven business leader who has the expertise in leadership and governance crucial to helping Ofsted through a significant period of change and reform.”

It certainly looks as he knows a thing or two about offshore company structures. Here is the shareholding of parcel company DX Group Ltd from April this year, two months after the overall business was floated on the stock exchange — giving the then chairman David Hoare and other management a stake now worth around £8 million.

DX Group shareholding 

 

Under the leadership of the new Ofsted boss, the shareholding of the UK-based group was restructured such that it is now owned via a company based in the Cayman Islands, which has no corporation, wealth, capital gains or estate tax. At this point, the Hoare resigned as a director of the UK company to take up a role with DX Group Holdings (Cayman) No 1 Ltd.

While accounts for June 2011 claim that the Cayman vehicle was nevertheless “resident in the UK for tax purposes”, Scrapbook is intrigued to discover whether this is still the case.

For more on this story go to: http://politicalscrapbook.net/2014/07/ofsted-chair-david-hoare-moved-business-to-cayman-islands-tax-haven/