How the Rich avoid tax

[tinfoilhat]

You're attempting to conflate avoidance and evasion, which as we all know are very different things, legally.

 

I think you're missing the point, the whole problem is that a millionaire can use schemes so he pays less tax than a cleaner. Legality isn't the issue. It's what's fair, and that really isn't.

[Cyclone]

Legality is absolutely key to the issue. Courts don't deal with fair or not fair.

 

Benefit fraud isn't financially important to the country, it's tiny.

 

Tax evasion is huge, but already illegal.

 

Tax avoidance is even larger, the government can fix that, but only with international agreement.

 

Anyway, what did the program expose. What do millionaires do? And can we do the same?

I bet if 100,000 people start doing the same thing, the law will be changed in a matter of weeks...

[tinfoilhat]

Legality is absolutely key to the issue. Courts don't deal with fair or not fair.

 

Benefit fraud isn't financially important to the country, it's tiny.

 

Tax evasion is huge, but already illegal.

 

Tax avoidance is even larger, the government can fix that, but only with international agreement.

 

Anyway, what did the program expose. What do millionaires do? And can we do the same?

I bet if 100,000 people start doing the same thing, the law will be changed in a matter of weeks...

 

It will be on demand on all4 or something. Have a look.

[Anna B]

Legality is absolutely key to the issue. Courts don't deal with fair or not fair.

 

Benefit fraud isn't financially important to the country, it's tiny.

 

Tax evasion is huge, but already illegal.

 

Tax avoidance is even larger, the government can fix that, but only with international agreement.

 

Anyway, what did the program expose. What do millionaires do? And can we do the same?

I bet if 100,000 people start doing the same thing, the law will be changed in a matter of weeks...

 

You're right, but courts should deal with fairness. If they don't, who will?

 

Avoidance can be fixed, (as you've said yourself,) but there are too many lobbyists with vested interests pulling the strings.

[gomgeg]

You're right, but courts should deal with fairness. If they don't, who will?

 

Avoidance can be fixed, (as you've said yourself,) but there are too many lobbyists with vested interests pulling the strings.

They do, judges work to guidelines, and there's a right of appeal either way.

As Cyclone says, evasion is already illegal and I don't blame anyone for avoiding tax legally. One of the problems with big corporations avoiding tax was highlighted on a TV programme I saw. A lot of the people who are writing the tax laws build in loopholes which they then exploit when they leave and go to work for accountancy companies for huge salaries.

Tax policy must be a fine line for any chancellor, it's too easy now for big companies especially ones working in finance to move to another country with better tax incentives. Why do you think most of the big bookmakers moved to Gibraltar?

You keep saying on here 'we should clamp down on the bankers'. But banks paid over 20 billion quid in tax last year, financial services also employ over 2.2 million people in the UK, all presumably paying tax and not claiming benefits therefore contributing to the wealth of the country. You and I don't know what the solution is and I suspect things will carry on as usual or even get worse as more companies find it easier to move their finances to a more advantageous regime.

[Cyclone]

Aren't HSBC moving their headquarters out of the UK?

[gomgeg]

Aren't HSBC moving their headquarters out of the UK?

No, it was announced the other day they're staying in the UK. Presumably due to favourable tax arrangements.

[Cyclone]

I'd missed that

 

http://www.bbc.co.uk/news/business-35574967

 

Thanks

[poppet2]

You're right, but courts should deal with fairness. If they don't, who will?

 

Avoidance can be fixed, (as you've said yourself,) but there are too many lobbyists with vested interests pulling the strings.

 

Including people from 'No. 10', according to the program, so what hope for the little people?