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Paradise Papers Leak
- Thread starter Ricster
- Start date
SWP's back
Well-Known Member
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- 29 Jun 2009
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- 88,250
Lol. But when I set up various trusts for my client’s beneficiaries to avoid IHT it’s a bad thing?Yes I do actually and I think before you start firing off in attempt to shut me down.
I am against tax avoidance regardless of who they are.
The Guardian aren't involved in tax avoidance well in the sense that is been advocated I should know that having worked for them in the past.
The Guardian is owned by The Scott Trust https://en.wikipedia.org/wiki/Scott_Trust_Limited
Its purpose is not to avoid paying corporation tax but it was set up many years ago to avoid the death taxes which would have shut the paper down
When CP Scott retired from managing and editing the paper in July 1929, he passed control to his two sons. John was manager and Edward (Ted) took over as editor.
The death of CP Scott and son Ted within three months of each other in 1932 brought a very real threat to the future independence of the Guardian.
The Inland Revenue would claim full death duties, or inheritance tax, in the event of John’s death and would mean the end of the Manchester Guardian as an independent liberal newspaper.
To prevent this, John renounced all financial benefit in the business for himself and his family by transferring all the ordinary shares in the company – a stake worth more than £1 million at the time – to a group of trustees. The Scott Trust became the owner of the Manchester Guardian.
smudgedj
Well-Known Member
Yes I do actually and I think before you start firing off in attempt to shut me down.
I am against tax avoidance regardless of who they are.
The Guardian aren't involved in tax avoidance well in the sense that is been advocated I should know that having worked for them in the past.
The Guardian is owned by The Scott Trust https://en.wikipedia.org/wiki/Scott_Trust_Limited
Its purpose is not to avoid paying corporation tax but it was set up many years ago to avoid the death taxes which would have shut the paper down
When CP Scott retired from managing and editing the paper in July 1929, he passed control to his two sons. John was manager and Edward (Ted) took over as editor.
The death of CP Scott and son Ted within three months of each other in 1932 brought a very real threat to the future independence of the Guardian.
The Inland Revenue would claim full death duties, or inheritance tax, in the event of John’s death and would mean the end of the Manchester Guardian as an independent liberal newspaper.
To prevent this, John renounced all financial benefit in the business for himself and his family by transferring all the ordinary shares in the company – a stake worth more than £1 million at the time – to a group of trustees. The Scott Trust became the owner of the Manchester Guardian.
So they didn't exploit the 'Substantial Shareholder Exemption' loophole when they sold autotrader. Saving £60 million of taxes in 2008.
In 2008 The Guardian made £302 million in profits and paid no corporation taxes.
This is the guardian group that has £223.8 million invested in an overseas/offshore hedge fund.
I'm using 2008 because the The Scott Trust was wound up in October 2008 and the Guardian is now a for-profit-privately-owned media business.
The old Scott Trust was set up in 1936 to avoid inheritance taxes and wound up in 2008 so that GMG could exploit the SSE capital gains tax shelter to pay 0% in corporation taxes on their £302 million in profits that year.
The guardian avoiding tax for over three quarters of a century.
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There is nothing to defend.
People investing in off shore funds is not illegal. Every fund managed in London will have some offshore assets.
It's the moral outrage by people who have no idea that I don't like. Now when they give evidence of illegal financial instruments being used then it will be a story but at the moment it's just envy.
If you want you could make the same argument about ISAs. Why should people who have enough money to invest in an ISA get away with not paying tax? What about the poor who have no savings, it's not fair that they have to pay tax!! What about people who's pensions invest in offshore instruments? Why should they get away with not paying tax?
It's all nonsense. If you changed the law to prevent these investments the UK would be very much poorer overnight and anyone with enough money to do so would fuck off to everywhere else in the world where the moral outrage police don't rule the roost.
What about the builders and garages etc that don't put through cash earnings? Aren't these to be banded in as the same tax dodging evil scummers?
SWP's back
Well-Known Member
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- 29 Jun 2009
- Messages
- 88,250
I’m interested to see if Mike D can come back from what looks likes a knock out punch.So they didn't exploit the 'Substantial Shareholder Exemption' loophole when they sold autotrader. Saving £60 million of taxes in 2008.
In 2008 The Guardian made £302 million in profits and paid no corporation taxes.
This is the guardian group that has £223.8 million invested in an overseas/offshore hedge fund.
I'm using 2008 because the The Scott Trust was wound up in October 2008 and the Guardian is now a for-profit-privately-owned media business.
The old Scott Trust was set up in 1936 to avoid inheritance taxes and wound up in 2008 so that GMG could exploit the SSE capital gains tax shelter to pay 0% in corporation taxes on their £302 million in profits that year.
The guardian avoiding tax for over three quarters of a century.
Jazzman
Well-Known Member
I am wondering when information related to the Rags and their Cayman Island company will turn up.
So they didn't exploit the 'Substantial Shareholder Exemption' loophole when they sold autotrader. Saving £60 million of taxes in 2008.
In 2008 The Guardian made £302 million in profits and paid no corporation taxes.
This is the guardian group that has £223.8 million invested in an overseas/offshore hedge fund.
I'm using 2008 because the The Scott Trust was wound up in October 2008 and the Guardian is now a for-profit-privately-owned media business.
The old Scott Trust was set up in 1936 to avoid inheritance taxes and wound up in 2008 so that GMG could exploit the SSE capital gains tax shelter to pay 0% in corporation taxes on their £302 million in profits that year.
The guardian avoiding tax for over three quarters of a century.
I left in 2006
SWP's back
Well-Known Member
- Joined
- 29 Jun 2009
- Messages
- 88,250
So when you corrected him you were basing that on information nearly 12 years old and without bothering to see if anything had changed? And you’ve not had the courtesy to admit he was right and you were wrong?I left in 2006
Poor show.
bluethrunthru
Well-Known Member
Three actors from Mrs Browns Boys mixed up in it now............ full marks to them they have been able to make me hate their show even more which I wouldn't have thought possible.
Maybe if you put things into context that the Guardian is a loss making company on its print producing section and has been for some time. The profits it makes are mainly from its investments Auto Trader being one of them before it was sold. This is a case of moral judgement and that I am afraid there is no right or wrong answer.So when you corrected him you were basing that on information nearly 12 years old and without bothering to see if anything had changed? And you’ve not had the courtesy to admit he was right and you were wrong?
Poor show.
A lot of the work the Guardian does in its reporting like on the panama papers, Sports Direct exploitation, and MP's sex scandal would be ignored by the largely right wing media that we have in this country. I don't agree with what the Guardian have done but on the other hand value the work that they do.