Islamabad (Staff Report): Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Tuesday submitted his reply and affidavit over the offshore companies’ case in the Supreme Court.
The PTI chairman stated that he earned money between 1971 and 1992 by playing cricket.
According to the affidavit, Imran bought a one-bedroom flat in London for Great Britain Pounds 117,000, a mortgage that was paid off in six years. An offshore resident did not have to pay Capital Gains Tax (CGT) over a property’s sale when the flat was bought.
The document further added that this is why Imran was advised that the flat be placed under an offshore company which would not have to pay any CGT, “In 1983, the deponent (Imran) did not know whether he would be a resident in the UK at the time of its sale.”
It also stated that the London flat had been rented out to a person called Van Der Loo who occupied the flat but did not pay the rent. The person also damaged the property and it had to be repaired before it could be sold.
However, the document added, no rent was received after October 2001. “Keeping Niazi Services alive was a fruitless exercise after the sale of the flat.”
Moreover, Imran has informed the court that after retiring from cricket in 1992, his income was from cricket commentary, lectures and royalty from books.