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PM (millionaire)says it morally wrong (tax avoidance)


Chegs ®™

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I'm pretty sure the PM will have accountants who's remit will include reducing his tax bill,so for him to publicly state that "tax avoidance,though legal is morally wrong" must be hoping that these celebrities will hear him & decide "Oh,its morally wrong so I'll cough up big wedges of my earnings" I very much doubt it Mr Cameron,they're much more likely to decide,sod the UK & depart for elsewhere taking their money with them.I also expect that Jimmy Carr will use this statement from the PM as the basis for some humourous sketch or joke,that Gary Barlow & other members of the band will setup home in the USA(probably in the same suburb as the Beckhams)

If you were extremely well off,what would you do?

I would find another country to live in,where the weather is nicer more often & only return to the UK for family visits.

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john bunyan

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paring no - paying yes!

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john bunyan

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See below for a full list:

Non taxable allowances

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spider9

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Is there a politician of any party that hasn't been hypocritical(or worse) about something....?

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spider9

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fourm member

OK, I should have known better than to attempt any sensible discussion with you, as you invariably wear anyone down with your constant twists and turns, deflections and deliberate misrepresentations of other's views.

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john bunyan

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forum member

"Choosing to invest in an ISA is taking part in a tax avoidance scheme"

Sorry, no, it is not, any more than not having to declare that (if one gets one) the value of a free TV licence. As ISA's are not taxable in the first place it is not a tax avoidance scheme. If, instead of an ISA one invested in shares and sold them for a profit, then as long as one's total capital gain in the year is less than £10,600 no tax arises. Not avoidance as HMG have decided that this part is not taxable, nor is the interest on an ISA.Avoidance is where you find a way of not paying a tax that is due,but an ISA is not taxable. How can you avoid something that does not require you to pay tax in the first place? It as all a bit academic as most ISA's pay a lower rate than taxable share schemes.

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Pine Man

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The majority of posts appear to be based on the assumption that the 'avoidee' is only able to avoid tax because of his wealth. Consider most of the trades people like plumbers, electricians and builders, for example,who are more than happy to be paid in 'pound notes' rather than put it through their books.

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spuds

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Taking about avoidance and cash in hand.

I recall a company that use to give out Christmas gifts to all its staff. This all ceased, and the people concerned couldn't understand if this was due the company being taxed on the gifts, or whether the company had decided to stop giving the gifts, because some people were moaning about what they had been given.

Now that did cause an uproar :O)

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john bunyan

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forum member

You see the earlier compliments do not prevent me from having a disagreement!

The difference between ISA's and K2 is very clear. HMG set up and approved ISA's for the reasons you give. Crafty accountants set up K2 without HMG approval - indeed I believe they are trying to bring in legislation to ban schemes that are clearly deigned to avoid the taxes they want to collect. K2 may (or may not) be legitimate but is patently not approved. Just for once, be flexible and agree I have a point!!

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Forum Editor

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"there is an obligation to tell HMRC what you are up to so they get the chance to object."

There is, and I believe that Jimmy Carr had done just that. Presumably HMRC didn't object, although I guess they're about to change their minds.

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spuds

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Perhaps well off subject here, but why is it that we (the public) are constantly hearing about these so called perks for the rich, or those with enough finance who are able to seek 'expert' advice, in getting 'avoidance' advice.

The various governments and revenue collector's have been in the business far long enough to surely have the solutions in closing any loopholes, in possibly double quick time. Yet either do not want to, or supposedly cannot find a 'fair' solution?.

Perhaps to make another comparison. The government from time to time introduce various tax saving and funding initiatives for industry, yet in most cases these initiative fall flat in the water, because they had not been very well thought out.

Take two examples for consideration. Foreign or similar minded companies arrive and 'purchase' UK failing industries, like steel or vehicles, a subject that the UK was one of the world's forerunners in production. Massive grants and tax incentives are given, then the public find the companies still close, with the 'purchaser's' having made £millions from the UK tax payer. Even pension schemes have been milked, for this?.

The other example, is the schemes that the government introduces for the unemployed. Again massive amounts of funding and tax incentives are provided, yet the returns are minimal. A typical scheme was YTS which failed, yet some companies were able to get rewards from it, when other companies found the obstacles over reaching, and actually lost money by supporting the government of the day.

As I said earlier. It seems to be a major problem, even though the answer have already been there, yet the government or its 'experts' never seem to appear to consider this?

I did say it was perhaps well off subject!.

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