Hamilton named in massive 'Paradise Papers' leak!

Lewis Hamilton's name has appeared in the massive batch of 'Paradise Papers' released on Sunday, which reveal secrets of the world's elite hidden wealth.

The documents allege that Hamilton used offshore entities to shelter himself from the payment of a hefty value added tax bill estimated at £3.27 million and associated with the purchase and ownership of his private jet, a Bombardier CL605 Challenger.

The 2017 world champion acquired the aircraft in 2013 through a series of offshore companies domiciled in the British Virgin Islands, Guernsey and the Isle of Man, subsequently escaping taxes.

• Lavish Hamilton tries to curb his spending

Hamilton left the United Kingdom years ago upon reaching success in his F1 career to establish his residency in Monaco and Switzerland.

The UK's Sunday Times put the Mercedes driver on its rich list this year with a personal wealth estimated at £131 million.

"I race in 19 different countries, so I earn my money in 20 different places and I pay tax in several different places, and I pay a lot here as well," Hamilton told the newspaper earlier this year.

"I am contributing to the country and, not only that, I help keep a team of more than 1,000 people employed. I am part of a much bigger picture."

It's hardly surprising an individual of Hamilton's wealth sought to optimize his tax planning. Indeed, the contrary would have been a real shock...

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