News Tax havens

[Embattle]

A good read regarding the existence of Tax havens - Smash the mafia elite: we should treat offshore wealth as terrorist finance

 

[Gwadien]

Osborne, Corbyn and Johnson all publish latest tax records - BBC News

Inb4 there's another leak, Farage is in it, and UKIP dies.

 

[Bodhi]

So the Guardian feel the need to lecture us on Tax Havens do they? The same Guardian who route all their cash through Luxembourg and the Cayman Islands?

How much tax did they pay when they sold Auto Trader? Oh yeah that's right - fuck all.

 

[Bodhi]

My daughter’s political career is already over

 

[Gwadien]

My daughter’s political career is already over

I think there's a difference between a bloke investing money in a fund, and then her having a go at being a politician and saying 'Yeah, my parents had off-shore funds'

than

A Prime Minister who is constantly saying he wants to crack down on tax havens, but then benefits from a off-shore fund.

I'm not entirely sure what is being implied from this article, money is a private matter so should be ignored? - It's not a legal question, it's an ethical question.

 

[Gumbo]

What is so fucking stupid for you fucking twats to understand?

He benefited in a small way, as do millions of people who have private pensions, among many many many other investments which have an offshore component. HE THEN PAID THE FUCKING TAX DUE ON THE FUCKING BENEFIT!!!! There are very many ways to legitimately avoid tax. THIS ISN'T EVEN ONE OF THEM!!

Jesus, why do we let these idiots even vote?

 

[Raven]

Osborne, Corbyn and Johnson all publish latest tax records - BBC News

Inb4 there's another leak, Farage is in it, and UKIP dies.

Apparently Farage isn't happy with people revealing their tax records and has said that they shouldn't all feel as though they should have to...I wonder why.

 

[Raven]

What is so fucking stupid for you fucking twats to understand?

He benefited in a small way, as do millions of people who have private pensions, among many many many other investments which have an offshore component. HE THEN PAID THE FUCKING TAX DUE ON THE FUCKING BENEFIT!!!! There are very many ways to legitimately avoid tax. THIS ISN'T EVEN ONE OF THEM!!

Jesus, why do we let these idiots even vote?

Yes, thats great...but didn't he essentially avoid the inheritance tax? The rest seems above board but that 200k is fishy.

Not that I think inheritance tax should exist at all, it's already been taxed at every stage but if pigfucker won't get rid of it, he should adhere to it.

 

[Wij]

It's a bolox story. The Blaimore fund was registered with HMRC. All due taxes were paid and not in the sense that 'we found a big fuck-off loophole hahaha.' It's tax-neutral. The reason funds such as this go offshore is for the different regulatory framework. Not quite as catchy though.

Cameron's taxes were a story 4 years ago but it got no traction because most of the press (IE. Murdoch) weren't interested. Why do you think they want to discredit Cameron now??

EU of course. Murdoch and The Mail want the UK out.

So the same Mail that advises people to, perfectly legally, move money between parents and children to minimise inheritance tax is now hauling Cameron over the coals for doing the same thing. Couldn't be anything to do with the EU vote could it? No, course not.

All the while, let's just forget about all the world leaders who WERE actually using Panama to launder money and actually hide wealth stolen from their tax-payers. Let's let them off so we can concentrate on getting a Brexit.

 

[Raven]

Moving money about is usually done pre-death, not post.

 

[Wij]

Moving money about is usually done pre-death, not post.

Yes, from his mother. Not dead to the best of my knowledge.

 

[Raven]

His mother never earnt a penny.

Lets face it, it's not like he needed it as a deposit on a house, or to clear some debts. It was money from the family estate that was given to him so that he would not have to pay tax on it at a later date, if the old bird lives another 7 years then he is quids in.

Like I said, I have no specific problem with that because I think inheritance tax is wrong, but he should lead by example. 40% tax on money that has already been taxed all over the place, fuck that.

 

[Gumbo]

//Editing because it looked like I was replying to Raven..

To those who have a problem with the £200k gift from his mother...

That's the rule.

How would you like the rule written?

Would you forbid parents from making gifts to their children entirely?

Or would you set it at £2k per annum?

Perhaps £10k?

Maybe £100k?

But £200k, that's too much??

Perhaps the parent should have to live 10 years, or 15?

How would you write the rule?

 

[Raven]

Inheritance tax should be zero, tax on financial gifts within families should be zero, any time.

Edit too, because of things.

 

[Gumbo]

It was more a comment on those with a problem with the gift, not you specifically. I appreciate I wasn't clear about that.

Boils my piss that people want to make a story over this.

I've edited

 

[Raven]

Yeah I know, and there is a strategy behind the story from people within the media. It would be interesting to see everyones tax affairs though because I don't trust most of them as far as I could throw them.

 

[Hawkwind]

I have two offshore funds, offshore bank account in Guernsey and an offshore Pension fund in Gibraltar. Putting it out there just in case I decide to become an MP!

Find all this bloody ridiculous, as long as people are abiding by the tax laws regards bringing money back to the UK what the hell does it matter where you keep your savings. We live in a global economy where you shop around for best deals. The UK has rules in place, as long as you abide by them there should be no issue whatsoever. Change the rules or stfu. Trying to shame companies and people when they have broken no laws is stupid.

 

[Ormorof]

The problem is the current rules that allow it, its all nice and well bleating on abou it but its up to politicians to actually fix it, and seeing as the wealthy people who fund politicians also are the people stashing their cash it is unlikely to change until we elect someone not funded in this way, and seeing as in most western countries there are very few credible politicians that are free of this influence we are likely stuck with it

 

[Bodhi]

I think there's a difference between a bloke investing money in a fund, and then her having a go at being a politician and saying 'Yeah, my parents had off-shore funds'

than

A Prime Minister who is constantly saying he wants to crack down on tax havens, but then benefits from a off-shore fund.

I'm not entirely sure what is being implied from this article, money is a private matter so should be ignored? - It's not a legal question, it's an ethical question.

What's being implied from this article is that the author has his daughter's trust fund invested "offshore", through a government sponsored program. So it's a bit silly to start criticising people in the government for using similar schemes.

There are lots of reasons why finds can be based offshore, and avoiding tax isn't really one of them. Easy access to dollar markets, lower administrations costs, lower regulatory burden, making it easier to co-ordinate a fund featuring many international investors etc. Basically, it's much ado about fuck all.

 

[Moriath]

Yes, thats great...but didn't he essentially avoid the inheritance tax? The rest seems above board but that 200k is fishy.

Not that I think inheritance tax should exist at all, it's already been taxed at every stage but if pigfucker won't get rid of it, he should adhere to it.

Inheritance tax is 325k limit before u pay tax per person. So its like 650k between both yr parents.

This figure can be added together if it wasnt used at the time of the first parents death. Etc.

So he didnt have any tax owed on the 200k inheritance.

 

[Raven]

Well he did, because it was additional to his inheritance.

 

[Bodhi]

Yet if you go to the Government Website set up to give us all impartial financial advice:

Top 5 ways to cut your Inheritance Tax - Money Advice Service

So you could say, he's been following his own government's advice?

 

[Wij]

Indeed.

Also, I've always thought it to be quite a shitty rule tbh. It's like an extra kick in the nuts for parents who get cancer.

 

[Talivar]

The problem is not what he has done, its the hypocritical way he has condemned others for doing similar things

 

[Wij]

The Jimmy Carr thing wasn't really similar at all. It was exploiting a big loophole. Not taking advantage of something the Government actually advertises as sound tax planning.

As a contractor I get spam about schemes like this all the time saying you get to keep 95% of your income and it has been ruled as legal. Problem is that HMRC will change the rules to make them illegal and make the changes retrospective so you get a fuck-off back-tax bill. Best to leave well alone. Everyone knows that.