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joy ride
18th Nov 2014, 08:04
Granted, this is from the Grauniad, but is it really happening?

To us, it's an obscure shift of tax law. To the City, it's the heist of the century | George Monbiot | Comment is free | The Guardian (http://www.theguardian.com/commentisfree/2011/feb/07/tax-city-heist-of-century)

ORAC
18th Nov 2014, 08:23
Since it's by Monbiot I'll work on the assumption it's b*llshit. He's not an economist and tends to take instant outrage at items he doesn't understand but assumes are capitalist plots. I'll wait for Tim Worstall (http://www.timworstall.com) to pick up and dissect his article.

UniFoxOs
18th Nov 2014, 08:24
Wouldn't surprise me, but it's hard to believe an article with glaring errors in the figures it quotes, and as it's 3 1/2 years old it may be totally outdated anyway.

Capot
18th Nov 2014, 09:17
What UFO said.............did it take from February 2011 until now for the OP to read it?

And it's about the "obscure adjustments the government is planning to the tax acts of 1988 and 2009". Did these plans get any further? Are we interested?

Somehow, Monbiot and th Grauniad go together, don't they?

joy ride
18th Nov 2014, 09:38
Nonetheless, at the time of the 2012 Olympics Cameron and Osborne both publicly promised immediate action to end Tax Avoidance and have done nothing...

er340790
18th Nov 2014, 14:22
To clarify:

Tax AVOIDANCE is perfectly legal. If politicos don't like it then they should quit whining, get off their backsides and change the goddam TAX ACTS!!!

Tax EVASION is illegal.

OFSO
18th Nov 2014, 14:30
Tax Avoidance

Absolutely ! All this moaning and rubbing hands together about how awful it is that google, amazon, MS, Vodaphone, Virgin etc., located in the Dutchy, declaring in the NL or Ireland, or the BVI's - pay a minimum of tax and how "the UK is going to do something about it."

Bull excrement, my friends. They can do NOTHING about it, because the firms are acting legally, according to laws outside the provenance of the UK.

And also - whisper it very quietly, please - it's not in the UK's interest to lose these firms.

The CI's - Jersey and Guernsey - did a little dance to HMRC's tune and look how many investors they lost.

Your Starter for Ten - guess in which EU Member State (and it is the only one) a resident does not have to declare income from savings and investments to the tax office ? and guess in which Member State over 70% of the wealth of the other Member States is invested ? and guess from which Member State the President of the European Commission comes, and where he used to be Prime Minister ?

Right, and that's why Cameron's and Osborne's bleatings are as useful as a chocolate teapot.

mikedreamer787
18th Nov 2014, 14:49
Tax AVOIDANCE is perfectly legal.

...In fact when I lived in Oz many yonks ago
when it was still a reasonably sane place to
live, it was a citizen's expected DUTY to keep
his tax bill to a minimum.

But these days I dunno.... with all that heavy
proliferation of left wing ratbags & lunatics in
power down there they've probably succeeded
by now in brainwashing the locals that all this
Avoidance planning is a social evil to be spat
upon.

mixture
18th Nov 2014, 15:10
Nonetheless, at the time of the 2012 Olympics Cameron and Osborne both publicly promised immediate action to end Tax Avoidance and have done nothing...

Be careful what you wish for....

If one were to go hardline on Tax Avoidance, then it would most likely have significant implications for the aviation industry. Aviation Asset Finance and Aviation Asset Management make heavy use of tax efficient structures, without which many - and in particular I suspect the locos - would struggle to operate without having to pass on the cost to their reluctant customers !

There is a reason there are two terms ... Tax Avoidance and Tax Evasion. The two are quite distinct and it would probably be nigh on impossible to achieve a 100% clamp-down on tax avoidance without needing to significantly increase expenditure on compliance and enforcement, as well as introducing vast swathes of new guidance and legislation (have you ever been in an accountant's office and seen the size of Tolley's Tax Guide ? It makes the Encyclopedia Britannica look like a pocket book !).

Their time would be better spent dealing with non-doms and overseas individuals buying property merely as an investment and not living in it or letting it. All that Russian and Chinese money .....

ORAC
18th Nov 2014, 17:02
e-Mailed Tim and asked him if it was bullshit - reply below.

Yes, but for a complex reason. Cortporations dopn't pay tax. All tax is ultimately paid by a live human being. So all that's happening here is that the corporation isn't writing the check, the investor is when they get their dividends or capital gains.

MG23
18th Nov 2014, 17:31
e-Mailed Tim and asked him if it was bullshit - reply below.

Yes, but for a complex reason. Cortporations dopn't pay tax. All tax is ultimately paid by a live human being. So all that's happening here is that the corporation isn't writing the check, the investor is when they get their dividends or capital gains.

Don't forget the employees, when they receive lower wages, or the customers, when they pay higher prices.

The only time corporate taxes make sense is when most of the customers and/or employees are in a different country. Otherwise it's just another income and/or sales tax.