Paradise Papers

What has been exposed is legal - and I don't feel I have a right to say what is "fair" and what is not. We need to simplify the tax rules and close the loopholes - and the NIC loopholes too - then individuals and companies won't be able to avoid their responsibilities to the same extent.
We do have an Office for Tax Simplification - this is from their website:
"The OTS was set up in 2010 and made a permanent independent office of HM Treasury on 21 July 2015. It has now been placed on a statutory basis in Finance Bill 2016."
But during their lifetime the tax code has increased and become more complex - I can hardly believe it - what are they doing?
Must say though that I get a bit of a schadenfreude thrill out of seeing celebs exposed in all their hypocrisy

You need a completely separate set of people designing a tax system that would work and then working out how to change from one to the other. Hopefully the current opposition is doing just that.

(I have to say the Office for Tax Simplification brings the Ministry of Truth quickly to mind - or perhaps the Ministry of Plenty. No, go back to the first. The Ministry of Plenty is the DWP as it is, in fact rather than title, the ministry that looks after the starving in 1984)

dbDB77 - if it is shown, as it was in the Panorama programme and elsewhere- that Tax Laws have been influenced, dictated and even bought (via lobbying)- then it is clear that it is not 'fair'.

If people are allowed by those loopholes, which have been very clearly manufactured to do so- to 'give' billions away to offshore agents- to be re'borrowed' for free, without any interests ever being paid, to avoid paying tax - then it is clear that is should not be allowed and that something is very wrong- and we all know that- those who do the lobbying, manipulating and benefiting, more than anyone.

Those powerful wealthy have had direct influence on our tax laws.

They pay vast amounts to large accountancy firms who in turn lobby governments on their behalf, and any treasury official will confirm.

Much of the money paid to those tax evasion/avoidance accountants is hidden 'in kind' - all paid holidays to the Bahamas or Switzerland, etc, golfing, skiing- with champagne, caviar, and all- expensive watches, jewellery, cars even... and using those famous private jets from the Isle of Man, and much more.

Much of the money paid to those tax evasion/avoidance accountants is hidden 'in kind'

Yet when my DP got a company car it was taxed. What's the difference? Or, how do they get round the rules?

Am not at all sure that perks can be hidden now, as they used to be, even when called ‘in kind’ or ‘benefits in kind’.
Thought that the tax people had put a stop to that.

Has anyone mentioned that the Queen is also 'head of state' of these offshore tax havens? Perhaps therefore she is entitled to invest in these outposts of empire? I don't really think we can object to anyone putting their wealth where they wish to, provided it is not illegal. What we, or rather the Treasury, should be doing is finding ways to close these loopholes and pronto!

Did any of you watch the programme? And is it really fair that if you have enough money you can set up a fake company, term yourself an "Advisor" and lease to yourself (tax free) all the basic necessities of life, like a jet and a boat and a house and expensive wine? Whilst the poor all get their tax taken off before they even see their money.

I hope none of the shareholders in Next, Zara and Mango are involved in the Parasite Papers.
Apparently the workers are sewing messages inside the clothes saying they haven't been paid.

lemongrove - they always find a way, ways even.

What is to stop you inviting your best friend on a very expensive holiday abroad, to play golf or skiing- with all the champagne, caviar, yachts, golf, sleigh rides and more... and give him gifts for his birthday or for Christmas - even if it happens to be a Cartier or a Rolex, an expensive suit with wads of cash in the pocket or a Vuiton bag with the same... etc, as well as for your spouse and other members of the family, etc.

www.taxresearch.org.uk/Blog/2017/11/07/the-apple-taxapp-needed-on-the-itunes-app-store/

Do you reckon Apple will go for it?

Just seems immoral that when so many people have so much money they literally don't know what to do with it when there are people sleeping on the streets. That's in this country - one of the richest in the world. I can't say that I blame them for wanting to pay the minimum amount of tax so I guess that its the rules that need to be changed. But then again that would be like a turkey voting for Xmas. Not going to happen.

infacts.org/voters-want-tax-haven-crackdown-staying-eu-best-bet/

If we leave the EU, it could turn the UK into a tax haven, for everyone but the residents.

And now Charles exposed for conflict of interest - but oh bless him he has no direct involvement in the making of investment decisions. Do any of the rich and powerful ever take responsibility for anything?

Only for keeping taxes low

skwawkbox.org/2017/11/07/heres-dwps-gauke-encouraging-companies-to-put-profits-in-taxhavens/

Who would have thought it!
Put your profits into tax havens, so we have less tax to pay out universal credit!

I am reading that the TaxAvoidance Directive due to be introduced by the EU, is one huge reason for the wealthy to try and ensure the talks fail and we crash out of the EU.

Um, I know this is a silly question, but does anyone know what this top 1% of super rich save all this off shore money for? There’s no way they can actually spend it all, and those that give some to charity only give the amount which gets tax advantages. But what about all the rest. The zillions just sitting there doing nothing except avoiding being taxed? Is it some sort of mental affliction?

To pass on to their numerous offspring who all need lots of taxfree money to continue their lifestyles?
No inheritance tax, either in these juristictions.

And money also = power

As I mentioned in another post ... Benjamin Franklyn's quotation needs to be amended in respect of Cayman tax evaders. The two things in life that are certain ... Death and Tax Evaders. As an afterthought, I wonder when - if any - legal proceedings will be brought against these people. Rather difficult for HMRC to go after HM. And £10m seems an odd amount for a billionaire.

Many people have used clever legal loopholes to avoid inheritance tax, all perfectly legal.
Tony Benn was one who did so to avoid inheritance tax.
Inheritance tax is a tax on property which is normally bought with taxed money and with various other taxes paid in full in the process.

Tax Evaders are another kettle of fish altogether.

Is it some sort of mental affliction? Greed?
And getting one over on the 'little people' who PAYE