Saturday, January 26, 2008
Tax avoidance by UK's super-rich 'worth £13bn'
Tax avoidance by UK's super-rich 'worth £13bn'
January 27 2008
Tax avoidance by the super-rich costs the British taxpayer £13bn a year - enough money to increase old-age pensions by 20 per cent, according to a study.
The study, commissioned by the TUC and to be published later this week, estimates the Treasury annually misses out on £3.8bn through the controversial non-domicile tax laws, which allow those with overseas connections to escape tax on their income. So called 'income shifting' by millionaires, which includes placing wealth in the name of a spouse or setting up a limited company to shield income, costs the UK £3.2bn. Tax planning and other loopholes account for the remaining £6bn.
Full report here
January 27 2008
Tax avoidance by the super-rich costs the British taxpayer £13bn a year - enough money to increase old-age pensions by 20 per cent, according to a study.
The study, commissioned by the TUC and to be published later this week, estimates the Treasury annually misses out on £3.8bn through the controversial non-domicile tax laws, which allow those with overseas connections to escape tax on their income. So called 'income shifting' by millionaires, which includes placing wealth in the name of a spouse or setting up a limited company to shield income, costs the UK £3.2bn. Tax planning and other loopholes account for the remaining £6bn.
Full report here
PermaLink - Tax avoidance by UK's super-rich 'worth £13bn' posted by Ecacofonix : 8:59 PM
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That's strange - if 'income shifting' by billionaires is such a problem, the why does the governments new 'income shifting' legislation will only manage to get a maximum of Seven Thousand Pounds back from these billion dollar con-men, and yet it will take exactly the same from your corner newsagent?
Another example of Gordon and Alisdair trying to perform keyhole surgery with a chainsaw?
Another example of Gordon and Alisdair trying to perform keyhole surgery with a chainsaw?
If they are millionaires they will be taking the sort of professional advice that that uses other more efficient vehicles to ensure that they achieve their legal right to arrange their financial affairs in a manner that minimises their exposure to HMRC's inspired interpretation of the "fairness" of the tax laws on which they have provided advice.
Yet another "report" (from that well respected think-tank the TUC, erm) which aims to portray "tax avoidance" (the entirely legal system of ensuring you only pay the amount of tax you are legally required to pay) as "tax evasion" (which is, of course, illegal).
Of course, this so-called "tax avoidance" wouldn't be a problem if the UK's tax system was simplified; instead, Gordon "Moron" Brown's solution is to throw even more legislation into the befuddlement, which will simply create more "loopholes" to be closed at a later date with yet more legislation which will create more loopholes which wi....... you get the picture.
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Of course, this so-called "tax avoidance" wouldn't be a problem if the UK's tax system was simplified; instead, Gordon "Moron" Brown's solution is to throw even more legislation into the befuddlement, which will simply create more "loopholes" to be closed at a later date with yet more legislation which will create more loopholes which wi....... you get the picture.
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