Paphos Life

PhotoLady wrote: ↑Tue Nov 07, 2017 2:01 pm Hiya Jackie,
one of the main concerns and it isn't that of our majesty but those of the likes of the actors in Mrs Brown's Boys (and many many others) who sell their assets to another company but then receive an amount back on a monthly basis (just like an income) but in the form of a "loan". Therefore, it's not classed as an income so no tax is payable. These people are knowingly and actively seeking to avoid paying tax....

This is happening in all of these so called tax havens which are under the jurisdiction of the UK.
Something is badly wrong with that.....

Others mentioned: Lord Ashcroft claiming to be non-domiciled in the UK http://www.bbc.co.uk/news/uk-politics-41879422
There was also a Cyprus connection mentioned on the Sunday night programme but referred to Cyp£ so must have been before January 2008 before Cyprus took the Euro currency.

There are now comments on the BBC website that the EU are seeking talks about looking to enforce a blacklist of tax havens and Jersey have said they will change their laws if necessary.

Your main concern is not with the Queen but with a bunch of actors, very strange ?..It seems its true what they say, that the Fish always Rots from the Head down.

Britain is one of the worst countries for supporting these tax havens and using them at high levels, from IoM, Channel Islands, British Virgin Islands, Central America and more.... If we truly wanted all this to stop, we could play our part in doing so. Obviously, corrupt countries are guilty on larger scales and Switzerland as long played its corrupt part, but we should be above that.

As to the Queen, it is, I'm afraid, no excuse to say that her advisers act on her behalf and she doesn't know. She is corporately responsible and could be sued (if she was an ordinary person) under corporate responsibility, if any wrongdoing occurred. At the very least, the morals are wrong....

As to Mrs Brown's boys actors - these are known largely as Employee Benefit Trusts - EBTs. A high profile case was won by HMRC at the Supreme Court, against Rangers FC (in liquidation) Their players were paid to avoid tax and NI and allow the club to afford what it couldn't and they gave side letters to players making their contract illegal in football circles and this also allowed HMRC to do them. This was a test case to outlaw these schemes and many, many people will now be pursued, not just the corrupt companies or clubs. It led to the downfall and end of Rangers Football Club and may well have an effect on some major companies.

Funny how people poo poo the Mail but then use it when it suits

I think that a person must be incredibly philanthropic (or perhaps stupid) if he consciencely opts to pay more tax than he needs to. Most people want to optimise what they earn or have saved, especially as its well nigh impossible to get more than peanuts in interest if you keep your available savings in a bank. If you live abroad and pay tax there, its worth considering all options which are available in order to legally get more interest on any savings. Surely its human nature? What the UK needs is to modernise its benifits and allowances system in order to encourage more people to work if they can and to stop milking the state.
Dee

Dee

That's ok if you have a choice, most of us don't. Those who choose to avoid paying tax may not be committing a crime, but is it noble, an act fit for a Queen ? Sorry if it offends, but she should be setting a GOOD example to her people as I see it.

Jackie

I agree with you Hudswell. I think that our Queen is an amazing person who has dedicated her adult life to serving her people and her country. She already pays a considerable amount of tax on her assets. If some of her private money is invested by her financial advisors then so be it. Why is it that some people are always ready to knock the Queen or other members of our Royal family?
Incidentally the Queen is greatly admired by people of many other nations as well as those in the Commonwealth. She is also an important asset where tourism to our country is concerned.

Dee

There is one other aspect of tax avoidance which is seldom mentioned. This the rise of the internet fuelled alternative currency, the bit coin and other similar virtual currencies. I have heard about it and read about it, don't really understand it. It is unregulated and huge sums of money can be invested. Apparently the amount of interest that can be realised, depending on what and how much you want to risk, is substantial. Also it is way beyond the reach of HMRC and other regulating authorities. More worryingly, some major companies are involved in it. I won't name them....
The mind boggles.....
Dee

Hudswell and Dee

I'm not knocking HM, just stating things as I see them. Yes she has dedicated her life to her country, and has done a wonderful job, but this has been one mammoth slip up of stupid proportions by people who should have known better, they must have known that if found out there would be condemnation by people who have to live on a low income, after paying their taxes. It is certainly not illegal, yet, but it can and should be.

HM certainly does pay tax, and why not, we all have to.

Jackie

Yep the the Queen can do nothing wrong.... Brainwashed R us are out in force today

Hudswell wrote: ↑Tue Nov 07, 2017 6:50 pm

WHL wrote: ↑Tue Nov 07, 2017 6:47 pm Yep the the Queen can do nothing wrong.... Brainwashed R us are out in force today

No, just those that can apply a degree of common sense rather than reaching for the knitting (you may not understand....) and at least some have a brain to be washed

The French Had the right idea, now wheres the Knitting needles

Let us not hit Lewis Hamilton too hard for dediciding to register and base his $16.5 Bombardier private jet at Ronaldsway airport in the IOM...

Smart decision on his accountants behalf, IMHO. Is Lewis domiciled in UK? No. Does the IOM apply the UK 20% VAT addition to all sales on their island? No. So what on earth is the issue there?

AL

The point is Al in every race he makes a point of raising the UK flag, praising his UK team, thanking his UK parents...................Why when he's not prepared to pay his UK taxes??

Sorry, can't have your cake and eat it. Nail your colours to the mast of your choice and stop masquerading as a true Brit. That he ain't.

smudger wrote: ↑Tue Nov 07, 2017 8:56 pm The point is Al in every race he makes a point of raising the UK flag, praising his UK team, thanking his UK parents...................Why when he's not prepared to pay his UK taxes??

Sorry, can't have your cake and eat it. Nail your colours to the mast of your choice and stop masquerading as a true Brit. That he ain't.

Great post .....

Hudswell

I did acknowledge that nothing illegal had taken place. The point is that the average working man/woman in the UK does not have financial advisers to point out the loop holes, even if he/she had, they would not have sufficient disposable income to make it worth while.

I do not see how anyone can cherry pick, and say it's ok for one but not the other. Some are so wealthy that they can afford to loose sight of their capital, we cannot.

Jackie

The issue with Hamilton's VAT dodge is because the leasing deal set up by advisers was artificial and did not comply with an EU and UK ban on refunds for private use - although he may have been entitled to one for business.

To try and get round EU and UK rules banning VAT refunds on aircraft used by private individuals, Hamilton's advisers formed a VAT-registered leasing business on the Isle of Man, the leaked documents held by offshore law firm Appleby suggest.



Graphic showing how Lewis Hamilton secured a £3.3m VAT refund. 1. Hamilton uses his British Virgin Islands company to buy a £16m Bombardier jet. 2. The company leases the plane to a new company in the Isle of Man. 3. This leases the plane to a third party jet management company. The Isle of Man grants a £3.3m VAT refund based on this 'business transaction'. 4. This company leases the plane exclusively to Lewis Hamilton company BRV Limited and to Lewis Hamilton.
Presentational white space
The new company, Stealth (IOM) Limited, leased the jet from Hamilton's British Virgin Islands company, Stealth Aviation Limited, and imported it into the Isle of Man.
It was then leased on to a UK jet management company that provided Hamilton with a crew and other services - and which leased it back to Hamilton and his Guernsey company, BRV Limited.