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tihuanhuanJimmy Carr is one of thousands of wealthy Britons using an offshore scheme to pay a little as 1 per cent income tax, it was claimed last night.tihuanhuantihuanhuanThe comedian is understood to be the largest beneficiary of a Jersey-based accountancy arrangement said to shelter ?168million a year from the taxman.tihuanhuantihuanhuanHe puts away ?3.3million a year via the K2 tax scheme which, according to the Times, is used by 1,100 tax avoiders.tihuanhuantihuanhuanAnd Danny Alexander today attacked the rich who use tax loopholes to reduce their rate of income tax, describing them as the moral equivalent of benefit cheats .tihuanhuantihuanhuan tihuanhuanWealthy: Jimmy Carr (left) is reportedly using an offshore bank account to pay just 1 per cent income tax. Danny Alexander (right) today described those who dodge the tax system as the moral equivalent of benefit cheats tihuanhuanHOW DOES IT WORK?tihuanhuanThe K2 tax scheme, a Jersey-based accountancy arrangement, replica rolex replica rolex is used by 1,100 people.tihuanhuantihuanhuanIt works by transferring salaries into a Jersey-based trust, which lends investors back the money.tihuanhuantihuanhuanAs the loan can technicallybe recalled, it is not subject to income tax.tihuanhuantihuanhuanJersey is self-governing, with its own financial, legal and judicial systems. It has no VAT in place and sets its own income tax.tihuanhuantihuanhuanAnd low taxation is the reason why the affluent flock to the tiny island.tihuanhuantihuanhuanIncome tax is a flat-rate of 20 per cent. Britain, in contrast, charges top earners 50 per cent, although this will fall to 45 per cent next April. Jersey s s Goods and Service Tax (GST) equivalent to the UK s 20 per cent VAT is also far lower at 5 per cent.tihuanhuantihuanhuanBut beyond that, non-residents have also benefited. An accountancy industry has thrived in what critics say is a lax regulatory environment finance makes up 41 per cent of its economy compared to, say, 4 per cent for hospitality.tihuanhuantihuanhuanBut tax havens worldwide, from Bermuda to Liechtenstien, have come under pressure to clean up their act as the cash-strapped U.S. authorities and EU governments try to claw back tax lost to avoidance schemes.tihuanhuantihuanhuanJersey rejects the criticism saying it is a transparent and cooperative jurisdiction . It calls the perception of it as a tax haven an ancient myth .tihuanhuantihuanhuanThe Chief Secretary to the Treasury told Sky News: It is vitally important that everybody pays their fair share of tax.tihuanhuantihuanhuan People who dodge the tax system are the moral equivalent of benefit cheats and we are coming to get them. tihuanhuantihuanhuanK2 works by transferring salaries into a Jersey-based trust, which lends investors back the money. As the loan can technicallybe recalled, it is not subject to income tax.tihuanhuantihuanhuanMore With Hollande set to tax and spend, Cameron invites wealthy French to settle in London?10m school milk rip-off: Middle men accused of hijacking nursery scheme to bill the taxpayer ?1 for a ?36p pintHMRC to target civil servants paid as companies to dodge taxtihuanhuantihuanhuanGeorge Osborne used his budget in March to attack what he called morally repugnant tax abuses and announced a raft of measures designed to stop them.tihuanhuantihuanhuanTogether with a general anti-avoidance rule, he aimed to increase revenues by ?1billion over the next five years.tihuanhuantihuanhuanIndividual tax avoidance costs the economy ?4.5billion out of ?7billion lost in total every year, according to Revenue Customs. tihuanhuantihuanhuanLast night, HMRC maintained it was extremely effective at shutting down such schemes. But, according to theinvestigation carried out by the Times, those behind K2 are confident they can continue to avoid the taxman.tihuanhuantihuanhuanRoy Lyness, of Peak Performance Accountants, which runs the scheme, told an undercover reporter on the newspaper it was a game of cat and mouse .tihuanhuantihuanhuan tihuanhuanJimmy Carr puts away ?3.3million a year via the K2 tax scheme which tag heuer watches , is used by 1 replica omega watches replica omega watches ,100 tax avoiders and is one of a number of tax avoidance practicestihuanhuanTWITTER REACTIONtihuanhuan BREAKING. Jimmy Carr has added a final date to his 2012/13 tour. He s doing a gig in Jersey. Well I say gig, but it s more of a drop off. Ian Hyland, Mail On Sunday columnist Just read that shocking secret about Jimmy Carr in the Times. Never knew he was a comedian! boom John Prescott, former deputy prime minister Please have your Jimmy Carr tax joke in by the end of the day to avoid a ?100 fine. Michael Legge, comedian Maybe he should hide his jokes offshore taxavoider Andrew Bloch, Twitter usertihuanhuantihuanhuanHe added: The Revenue closes one scheme, we find another way round it. It s like a satnav. I m driving toManchester, get a message saying there s a smash at Stoke, press this button to re-route. That s all we do with tax avoidance. The Revenue puts a block in, we just go round the block. tihuanhuantihuanhuanK2 works by transferring salaries into a Jersey-based trust, which lends investors back the money. As the loan can technicallybe recalled, it is not subject to income tax.tihuanhuantihuanhuanMr Carr s lawyers have confirmed his membership of K2 but denied any wrongdoing and said that the scheme had been disclosed to the relevant bodies in accordance with legal requirements.tihuanhuantihuanhuanHe recently performed a comedy sketch lampooning Barclays, which has been criticised for tax avoidance.tihuanhuantihuanhuanPlaying a female bank clerk, he joked: Why don t you apply for the Barclays 1 per cent tax scam. tihuanhuantihuanhuan Youwill need the world s biggest, most aggressive team of blood-hungry amoral tax lawyers. If you meet the criteria, you ll pay 1 per cent tax,like Barclays do. tihuanhuantihuanhuan tihuanhuanNice ride: Jimmy Carr fills his Bentley with petroltihuanhuantihuanhuan tihuanhuan Largest beneficiary : The 39-year-old, who performed for the Queen at her jubilee (pictured), puts away ?3.3million a year via the K2 tax schemetihuanhuantihuanhuan tihuanhuanTackling avoidance: George Osborne used his budget in March to attack what he called morally repugnant tax abuses and announced a raft of measures designed to stop themtihuanhuantihuanhuanAccording to Peak Performance, Mr Carr pays himself a salary of ?100,000 before sheltering his remaining income ?3.3million through the scheme.tihuanhuantihuanhuanThe 39-year-old, who performed for the Queen at her jubilee, owns his own company and makes much of his money from DVD sales and television appearances.tihuanhuantihuanhuanAnalysis of Mr Carr s publicly available accounts shows that four out of five companies that he controls were set up by Blue Cube, part of the Peak Performance network of accountants that sells K2. tihuanhuantihuanhuanBlue Cube says it offers remuneration planning for directors of limited companies resulting in between 0 and 25 per cent tax . tihuanhuantihuanhuanThe day after Mr Osborne s crackdown, Mr Lyness assured his clients tax-saving opportunities were unscathed.tihuanhuantihuanhuan tihuanhuan