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The Paradise Papers

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The Paradise Papers

Old 5th Nov 2017, 22:14
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The Paradise Papers

Huge offshore data leak reveals financial secrets of global elite ? from the Queen to former PMs - Business - CBC News

reading this...this is better than S---E---X....really!!!
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Old 5th Nov 2017, 22:18
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No, just an attempt by Germany to destabilise the British establishment to try and reverse Brexit.
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Old 5th Nov 2017, 22:24
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Almost a cliche, but the more money a person has, the less tax they pay.

NEO
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Old 5th Nov 2017, 22:29
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Old 6th Nov 2017, 05:43
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Clearly the Russians....
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Old 6th Nov 2017, 06:56
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Reality doesn’t match the left wing agenda of increasing unfairness in society.....

Tax burden on the wealthy has trebled since the 1970s, Telegraph analysis shows

The tax burden shouldered by Britain's wealthiest has almost trebled since the 1970s, analysis of historic data reveals - further undermining the Conservative's reputation as a "low tax" party.

Daily Telegraph analysis of nearly four decades of tax and income records shows high earners are now responsible for paying a higher proportion of Britain's total income tax bill than they have done under any Labour government.

Today the top 1pc of income taxpayers, who earn in excess of £162,000 a year, now pay nearly a third (27pc) of all income tax. By comparison under James Callaghan's notoriously "high tax" Labour government in 1976, the top 1pc paid just 11pc of total income tax receipts.........

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Old 6th Nov 2017, 07:04
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Her Majestys Revenue and Customs.

Oh, dear!
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Old 6th Nov 2017, 07:39
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The inclusion of the Queen in the matter is a distraction and an irrelevance.

The Queen pays taxes on her income voluntarily as Westminster Acts of Parliament do not apply in her case (she signs them and is above them). As such whether she invests in somewhere considered a tax haven under UK tax law is irrelevant - and any changes to tax law as suggested by Labour would also be irrelevant.

If there is a question it would be wh8 assesses her income and agrees the voluntary amount to be donated to HMRC on an annual basis.
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Old 6th Nov 2017, 08:07
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A really irritating name chosen for these "papers". Not sure why that bothers me or if I care.
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Old 6th Nov 2017, 08:18
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The rich and powerful use loopholes to shield their wealth from grabbing governments ?, I'm shocked to hear this and find it difficult to believe.

All these champagne socialists calling for higher taxes on the wealthy whilst using every trick in the book to avoid paying their own dues should be tried on hypocrisy charges.
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Old 6th Nov 2017, 08:22
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Originally Posted by G0ULI View Post
No, just an attempt by Germany to destabilise the British establishment to try and reverse Brexit.
Oh come on, you can do better than that.

If this was aimed at the UK they wasted a lot of ammo on the rest of the world.
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Old 6th Nov 2017, 08:24
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ORAC, it's the same old problem with statistics which, I'm afraid, renders your graph redundant for the purposes you intend. There are many reasons for this, however the main reason is that it excludes taxes on monies that are hidden.

In fact your graph could just as easily be interpreted as a demonstration of how much wealthier the rich have become since the 70s. What would be more interesting is what percentage of their wealth does the 1% represent?

I think there is a danger of mixing up tax on earnings and the 'ultra rich' hiding money, bordering on evasion.

This isn't about comparing those earning £20k to those earning £50k, £150k, £250k…
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Old 6th Nov 2017, 08:40
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Originally Posted by G0ULI View Post
No, just an attempt by Germany to destabilise the British establishment to try and reverse Brexit.
Oh dear!! The revelations come from the Süddeutsche Zeitung, and have shared with a number of journalists across Europe, including BBC Panorama.

If the UK could get past it's obsession with the Brenda's involvement - one assumes she gets a discount on the TV she's buying from Bright House - we in the UK might learn that wealthy people in all walks of life, from many countries are allegedly involved.

To be honest it wouldn't surprise me if some less prominent names, perhaps even people frequent these forums aren't listed somewhere. The sooner these tax havens were shut down the better. It is galling that many of them that were badly hit in recent hurricanes for some unaccountable reason need UK aid to rebuild when they're swimming in cash held in accounts for tax avoidance purposes.
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Old 6th Nov 2017, 09:18
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If you do not have to pay any tax why would you (or your administrators) seek to shelter millions in a tax haven?
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Old 6th Nov 2017, 09:56
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They asked a financial expert that question on Sky.

His reply is that the Cayman Islands are, because of tax and other reasons, the home for many of the best and most proficient investment bankers and funds in the world; in the same way the City is the home for much expertise. So just as a lot of foreign companies use the City, a lot of companies use the Cayman Island funds without the tax regulations being relevant. You go where the expertise is, and you shouldn’t assume the City and New York are the sole centres of excellence.
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Old 6th Nov 2017, 09:57
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Originally Posted by Tone View Post
If you do not have to pay any tax why would you (or your administrators) seek to shelter millions in a tax haven?
Just maybe some of the investments were made based on the expected return and in diversifying the portfolio, and not simply as a vehicle to avoid tax.
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Old 6th Nov 2017, 11:35
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"No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer's pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue"

Lord Clyde, President of the Court of Session 1929.
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Old 6th Nov 2017, 11:52
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Snigger.....

https://order-order.com/2017/11/06/m...e-investments/
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Old 6th Nov 2017, 12:37
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Old 6th Nov 2017, 12:37
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Originally Posted by ORAC View Post
The Guardian and John the Trot up to their collective necks in this offshore investment thingy, now that is highly amusing
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