"Elite Greedy Pigs"
- Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
21 October 2013 23:15249275where will it endALL POSTS ARE MY OWN PERSONAL VIEWS - 21 October 2013 23:25249282Bankrupty.
- Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
21 October 2013 23:26249283lets hope someone sorts the issue thenALL POSTS ARE MY OWN PERSONAL VIEWS - 23 October 2013 04:45249489David Cameron to be questioned in Parliament on Government's failure to close tax loophole
The Government faces a grilling over why it has ignored advice to close a glaring loophole amid claims that it has
been swayed by lobbying from key beneficiaries of the measure
David Cameron will be interrogated over his Government's failure to close a legal tax loophole that The Independent has revealed is losing the public purse at least £500m.
Labour is planning to ask the Prime Minister why HMRC did not act on last year's proposals to close the quoted Eurobond exemption after intense lobbying from the financial sector, a party inside said last night.
A joint investigation by Corporate Watch and The Independent is revealing more than 30 companies using the loophole over the course of this week.
Those already named in the paper as benefiting from the legal tax avoidance scheme include nine major care providers with Government contracts, National Lottery operators Camelot, and a raft of high street chains.
MPs and campaigners demanded last night that ministers explain their continued failure to deal with the issue. HMRC will face a grilling by the Public Accounts Committee on Monday over their failure to tackle the legal loophole. - Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
23 October 2013 08:26249508This is where the distrust of govts come in,
the govt itself together with the HM C and E chase those on low income(sometimes rightly) but when it comes to making a big difference they run away.
I presume the customs are being told by there paymasters not to take on these big operators.
The issue on lobbying and how decisions are arrived at continue to come into questionALL POSTS ARE MY OWN PERSONAL VIEWS - 23 October 2013 09:40249512Reg/Keith, the government and HMRC are trying to end abuse of the quoted eurobond exemption without making it impossible for British businesses to raise money via eurobonds. With your obviously far-reaching and in-depth knowledge of the taxation issues surrounding genuine eurobond financings, perhaps you could explain how it should be done, in words we can all understand? Hint: start with s882 of the Income Tax Act, 2007.I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
- 23 October 2013 12:14249545Despite the tough talk, this government is far too soft on tax evasion
"...Take Britain's handling of the infamous Lagarde list. Christine Lagarde, now head of the International Monetary Fund, was France's finance minister when the French intelligence service acquired details in 2009 of 130,000 bank accounts held at a Geneva branch of HSBC - yes, our British HSBC. Lagarde, being a good European, duly shared the information with France's EU partners.
The Treasury received 6,000 British names. To date, 1,100 people who had secret HSBC bank accounts in Geneva, and who had testified on their tax returns that the accounts did not exist, have settled. The HMRC has received £120m in unpaid taxes, which means that the average HSBC tax dodger was probably evading £54,454 (allowing for the penalty).
Astonishingly, all those who settled were given anonymity and immunity from prosecution despite new powers that allow anyone who has evaded more than £50,000 in tax to be named and shamed on the HMRC website. Though there is more money going into criminal investigation, there has been just one prosecution in the UK as a result of Lagarde's list: a multimillionaire property developer called Michael Shanly.
Shanly had already reached a civil settlement with HMRC on £1.5m of evaded taxes, and HMRC was stung into a prosecution when he was subsequently discovered to have evaded a further £430,000 on his mother's estate. How long did he serve in prison? Not an hour. He was fined £470,000. Given his estimated net worth of £130m, the whole experience, while no doubt unpleasant and time-consuming, amounted to a pinprick...
... at every turn, the British have taken the herbivorous option. We run something called the Liechtenstein disclosure facility, allowing tax evaders to fess up and avoid charges. As KPMG, the big accountancy firm, tells their clients: "The Liechtenstein disclosure facility (LDF) provides a framework for the disclosure of UK tax irregularities connected with overseas assets held anywhere in the world with unique benefits and on favourable terms."
If you think the taxman is on to your British Virgin Islands accounts, you open one in Liechtenstein and disclose it - then you will be covered not just for your Liechtenstein account but for everywhere else too. It's an Amnesty-lite..."
http://www.theguardian.com/commentisfree/2013/oct/13/prison-tax-evaders-lagarde-list-lenientIgnorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing. - Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
23 October 2013 13:43249561Peter
doesnt appear to be getting to far according to Tom's postALL POSTS ARE MY OWN PERSONAL VIEWS - 23 October 2013 16:10249588Different loophole Keith. I didn't say I condoned any of it, I just don't want the baby thrown out with the bath water.I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
- Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
23 October 2013 16:12249589half agree then peter
the old chestnut they will all go abroad is getting a little tired now
whilst some get richer and more importantly others get poorerALL POSTS ARE MY OWN PERSONAL VIEWS - 23 October 2013 17:39249595i was left with a strong sense of irony when i read this morning about the big retailers that make their profits out of ordinary taxpayer's money and not coughing up any tax money themselves.
- Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
23 October 2013 17:42249596It was nice to see John Major speaking out
you could see the mouse at P M questions squirmingALL POSTS ARE MY OWN PERSONAL VIEWS - 23 October 2013 18:09249599The reason that Cameron was squirming is the fact that he realised that he is as stupid as Miliband. Realizations like that have a profound effect but at least Cameron can admit to himself that he is a clot. Miliband still has years to go in that respect.
- Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
23 October 2013 19:26249608I think the mouse is realising
even his own camp has lost faith in himALL POSTS ARE MY OWN PERSONAL VIEWS - 24 October 2013 09:36249643Eurobond tax scandal: David Cameron accused of dodging concerns over loophole that costs Treasury at least £500m a year
Prime Minister refuses to explain why he hasn't stopped use of Eurobond exemption
David Cameron's attempts to "brush aside" legitimate concerns that the Government has not yet closed a legal tax loophole, which is losing the public purse at least £500m a year, have been condemned by MPs and campaigners.
When asked at Prime Minister's Questions about revelations in The Independent that the Coalition had failed to stop the use of the quoted Eurobond exemption to avoid tax, Mr Cameron said decisions had been made by the Treasury and implied that was the end of it.
Shabana Mahmood, Labour MP for Birmingham Ladywood and shadow Exchequer Secretary to the Treasury, said: "It's pretty shocking that David Cameron just brushed aside this important question. We're talking about a loophole that costs us around half a billion a year, yet the Prime Minister arrogantly dismisses the issue. At a time when families are facing a cost-of-living crisis and the deficit is high, this isn't good enough." - Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
24 October 2013 09:41249644And the state the country is in thats disgusting
the mouse is running short of time and ideas
and now just making policies up on the hoof(see other threads)ALL POSTS ARE MY OWN PERSONAL VIEWS - 25 October 2013 08:51249807The Eurobond tax scandal: Channel Tunnel accused of 'outrageous' tax avoidance
The final part of our investigation reveals the transport firms getting plenty of mileage out of the Eurobond loophole
The costly Channel Tunnel rail link, Gatwick Airport and the disastrous M6 toll road are amongst the transport companies using a legal tax avoidance scheme which allows them to avoid millions in tax.
The revelations are the fifth part of a joint investigation by Corporate Watch and The Independent into the misuse of the quoted Eurobond exemption. Companies cut their UK taxable income by racking up interest on debt from their owners via the Channel Island Stock Exchange, then send the interest out of the UK tax-free. Without the exemption, 20 per cent of the payments could be deducted by HMRC, minimising the overall tax saving.
The transport companies using the scheme are: Midland Expressway, which runs the M6 Toll road, Gatwick Airport, Bristol Airport, Associated British Ports, which runs 21 ports across the UK, Peel Ports, which runs the Manchester Ship Canal and the Port of Liverpool, Forth Ports and High Speed 1.
The news that the expensive Channel Tunnel rail link - also known as HS1 - is among those avoiding tax comes after the Public Accounts Committee found it was already poor value for money. Their inquiry last year concluded its construction had generated billions of pounds in public debt, was "based on dodgy assumptions and bad planning" and had yet to prove it was value for money.
Committee chair Margaret Hodge MP said: "The taxpayer has been saddled with a bill of more than £10bn for HS1, a project which was originally supposed to pay for itself but has been riddled with costly mistakes. If a company that is benefiting from this level of taxpayer support is avoiding paying its own fair share of tax, that is simply outrageous. - 25 October 2013 09:34249812Source please Reg.I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
- 25 October 2013 10:08249818
- 25 October 2013 10:33249822Yes indeed.I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson