Paradise Papers

I think dj was bring tongue in cheek - why on earth should bills have to have the royal assent - as they do - it’s a pathetic constitutional nicety that makes the UK look like an idiot. Why not abolish that?

I would think very carefully before fiddling with our constitution, maryeliza, it can have unintended consequences. As a 'simple Yes/No referendum' demonstrated...

Because it goes with the job of being a constitutional monarch.
If we ever decide to become a republic then we won’t need the trappings of royalty, but as it is, there are certain things the monarch is allowed to do ( not very many!)
I don’t think that the Queen, especially at her age knows much about the investing side of her own private money,but may take an interest now, or at least Charles will.

I don’t think that the Queen, especially at her age knows much about the investing side of her own private money

That's an extraordinarily ageist thing to say; especially on Gnet..... Are you implying she's a bit ga ga

She’s 91, and lucky to be fairly healthy in all ways, but I doubt if money is very important to her in the grand scheme of things.She is more likely to be thinking of the health and happiness of all her family.

I paid tax throughout my working life, now pay tax on my pension because I'm lucky enough to have a work as well as state pension. I don't resent my taxes because I believe in good public services.

I watched some of the Panorama programme but found the way it was filmed and presented made poor television. I appreciate this makes me sound uncaring and shallow but if we're to be given a hard hitting programme let's have it presented professionally. Legal tax evasion schemes have always existed. Accountants train and make good livings advising those lucky enough to have loadsamoney how to hang on to it. If we want everyone to pay their fair share of taxes, we need to look at legal loopholes.

Not quite the same circumstances but the sordid HBOS/Lloyds merger robbed ordinary investors when this sordid and unethical deal took place. Many of these were ordinary people who were luck enough to come into a little nest egg by way of free shares because they legitimately held the right sort of bank account at the time the shares were offered. Halifax then offered more shares in a Rights Issue just before this merger. All that did was reduce their huge debt mountain using our money to make the merger a more attractive proposition. Only they knew the true state of affairs. Daylight robbery. If Lloyds shareholders win their case to be compensated, then so should all the former HBOS investors. And, to boot, where was the FSA to protect us? It was a corrupt deal and the people who engineered it should be brought to justice. Everyone is aware that shares rise and fall on the FTSE but this HBOS/Lloyds loss of money was nothing to do with FTSE - it was a totally corrupt deal. That's how low this country has sunk - no decency any more. And it is always the ordinary person who pays the price for corruption and immorality.

The whole issue here concerns tax avoidance, which is, at present, legal.
Unsavoury, exploitative, some dubious practices and deserving of investigation and reform, but not illegal.
The people using these schemes do not deserve to have their identities splashed all over the media; they have not done anything illegal.
Many, many people unwittingly take advantage of such schemes via investments, notably pensions, not illegal.
Having discovered this, how many will now withdraw their money?
On a personal note I am more concerned to learn that £2,000,000 of BBC money is wasted spent on Mrs. Brown's Boys.

I agree Eazybee

At 91 the queen is indeed very fortunate to have enjoyed the luxury life she ( and her very extended family) have had. The best of everything life can offer including healthcare, food etc. So hardly surprising she is "so good or her age" I can't understand why a lady of her extreme wealth (and age) would need to make immoral investments ? Let's not pretend she is some doddery old woman who barely knows what day it is .

gillybob I am not a Royalist, and if we should ever have a Republic I would welcome it.
However, since the Queen has people who do various jobs for her for almost everything, it’s not unreasonable to think that she leaves anything to do with her private money to a trusted firm of accountants.

The UK had the longest tax code in the world in 2009 according to LexisNexis reaching 11,520 pages. By 2015 it had reached in excess of 17,000 pages.

Surely the only way we can clamp down on the unintended outcomes of taxation is by simplifying the system. I can only assume that governments have not done this in the past because it has not been in their interest to do so - otherwise they would have wouldn't they?

The rich keep getting richer and the poor poorer because of a system of unfettered capitalism. This is what we have been moving to since Thatcher. We were told those with little or no capital would benefit from globalisation and trickledown. This was pure sophistry.

In the scheme of things I doubt that anyone on GN - however much they may preen themselves for thier prudence and choose to see others as lazy, etc., - is actually rich. You may have benefited from the crumbs dropping from the table of those whose capital is unimaginable but you will not have benefited on the same scale as they have done.

We just need a taxation system that treats everyone the same and all money, earned and unearned the same and is simple and clear - but that won't win the government rich and powerful friends, will it?

their!

As has been said many times already, how many in the UK know where pensions for themselves are invested?
It’s legal, and until legal loopholes are closed if thought to be wrong ( and various governments haven’t wanted to do this) then accountants will continue their job of trying to make money for their clients.

Yes I agree Lemongrove but all she ever had to do/say or make clear was that her investments should always be moral and ethical.

GGMK2 - yes - the longer the code is the more complex it becomes and the more loopholes develop to be exploited by accountancy experts - HMRC can hardly keep up.
It has increased exponentially in recent years but all Governments are the same - it was a mere 5,000 pages in 1997 when Gordon Brown took over and more than doubled under him to become 11,500 in 2009 - George Osborne criticised this but when he took over it increased yet again to the 17,000 it is now - ridiculous & I guess nearly impossible to manage.
On the basic point of legal avoidance - international co-operation is needed to stamp it out.

Don't worry, gillybob, you are not a 'subject' of HM and haven't been for some while except in old-fashioned legal jargon.

You are a British Citizen.
I expect you will be relieved to know that

In future, I sure the Queen along with other members of the Royal Family will make absolutely certain that they are above squeaky clean; but what's done is done, you can't alter the past so what's the point in going on and on about one person who hasn't actually done anything illegal? Better to concentrate on closing gaps in the law to tackle future tax avoidance by those who are in a position to do so.
Mrs Brown's boys imo is an awful programme, I wouldn't pay any of the actors two pence never mind two million pounds or whatever it was!!!

So basically those who lean politically to the right say this is not an issue and leave the Queen alone, and those on the left think everyone should pay there fair share.
As an upright citizen, trying to stay vertical, I think every should pay their fair share including the Queen and I am sure she will hasten to do so now she has been alerted to the fact.
Should I start checking the source of my meagre pension and refusing to accept it? Actually, as it is a state-funded one I trust that they are doing the right thing and that it comes from ethical sources.

Our tax laws do need simplifying; they were made overly complicated over the years so no wonder HMRC make mistakes and, as one tax officer told us, they really don't always know what they are doing.
That was at a time when they were trying to chase up pensioners and accusing them of paying too little tax over years - often found to be erroneous accusations - but then retired people were probably considered to be easy targets who would just pay up without argument.

Years ago I was sent a leaflet showing where our LG pension money is invested, but haven't had an update recently.

Guess what a number of HMRC's ex-employees do? They become tax advisors to the wealthy. They know the loopholes...

Phewww I'm relieved to know that Jalima

What does "one" refer to us as now I wonder?

Lemongrove said:

'It’s legal, and until legal loopholes are closed if thought to be wrong ( and various governments haven’t wanted to do this) then accountants will continue their job of trying to make money for their clients.'

Did you watch Panorama? The thing is that it is legal- because the Law is influenced, via lobbying, self-interest and even payments (often in kind)- even dictated, by the very rich. Like the Law in the Isle of Man re Private jets and helicopters. And also that Brexit was a response to the EU preparing for a massive crack down on Tax Havens from 2019 (which happens, by chance hey- to be when we are supposed to leave) - by the ultra rich themselves (including Mrs May's husband and the offshore businesses he manages and benefits from).

Comparing 'giving' millions or billions to offshore accounts in Mauritius, Malta, Cayman Islands, etc- which is then 'lent' back for free and interests never re-paid- to people having a few ISAs is just plain non-sense.

I know it is well known that the Queen is a skinflint, pays very low wages and always knows the price of things like apples...to imagine that she has no interest in her investments is a bit unlike;y - she obviously turns a blind eye. I have no idea why the very rich are so greedy...but they often are. They can't take it with them - but they do take their reputation with them - through eternity. Which is why people like Lewis Hamilton who would rather be unloved and disrespected to keep a few more pounds are so stupid. And why Bill Gates is now so respected. And why Cherie Blair lost all our respect for her greed.
It took a long time and a lot of effort to get Her Madge to pay income tax some mere 20 years ago.