Paradise Papers Leak

[TCIB]

I'll admit to having a few bob stored away for a rainy day.

We have ISA's but the return is very poor compared. Same with bank accounts. Interest rates going up means they are getting a little better though (when they pass it on.)

We pay tax, PAYE, at source, so I don't see a problem.

1% bastard :-D

That’s harsh on Colin.

lol, i hope he is perking up more now, hope your doing good Colin.

Prince Charles has some far more serious skeletons in his cupboard.

Aye he probably decided when he knew the throne was not his "fuck it, i'll fill me boots". I wonder if security services have really had to cover any proper dodgy deeds they have been involved in up in modern times.

 

[blue b4 the moon]

Don't even know why it's a news item let alone the lead......people with money take advantage of thier position, no matter what our thoughts or financial situation it's hardly surprising.

 

[babu2734]

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.

The Scott Trust Ltd, the owner of the Guardian Media Group and thus of the Guardian, is NOT a "for profit . . . media business". Have a look at its Memorandum & Articles of Association,.which make it absolutely clear that it is a not-for-profit company.

 

[SWP's back]

The Scott Trust Ltd, the owner of the Guardian Media Group and thus of the Guardian, is NOT a "for profit . . . media business". Have a look at its Memorandum & Articles of Association,.which make it absolutely clear that it is a not-for-profit company.

It’s a de facto investment fund worth Three-quarters of a billion pounds which exists to underwrite Guardian losses.

 

[smudgedj]

The Scott Trust Ltd, the owner of the Guardian Media Group and thus of the Guardian, is NOT a "for profit . . . media business". Have a look at its Memorandum & Articles of Association,.which make it absolutely clear that it is a not-for-profit company.

I said the guardian itself was.

 

[gh_mcfc]

Surely with all this Cayman Island stuff the Rags will be implicated soon or are they beyond questioning .. above the Queen.

 

[SWP's back]

I said the guardian itself was.

Also worth pointing out that The Scott Trust Ltd isn’t a trust.

 

[KS55]

You spoil an otherwise good post my misquoting me. I said they contribute to income tax INDIRECTLY, which is a function of creating jobs with taxable pay. That’s a tad more significant than mechanically fulfilling some administrative function.

Not looking for an argument, as we’re not fundamentally in disagreement, but please let’s quote each other correctly.

OK fair enough. I don't think corporations are evil. Capitalism has lifted billions out of poverty. But, with globalisation has come opportunity for the unscrupulous. Those who avoid tax may do more damage than good, for example by applying predatory pricing to the detriment of their competitors who may go out of business, thus jobs lost. A recent study puts the UK loss to tax avoidance at 20 billion sterling per year. That' quite a wedge of hospitals, schools, social care and I, on a modest pension have to stump up the difference (not all by myself, natch) or else people lose services. Today's Grauniad has a few details.

 

[inbetween]

I'll admit to having a few bob stored away for a rainy day.

We have ISA's but the return is very poor compared. Same with bank accounts. Interest rates going up means they are getting a little better though (when they pass it on.)

We pay tax, PAYE, at source, so I don't see a problem.

We have a lot of contractors here and all of them I guess will structure their 'business' to be tax efficient, my guess is this is also worth a lot of money to the tax pot but no-one seems to be bothered. There is plenty of information to structure yourself appropriately, it is all in the open domain and it's nothing new. This is just on another scale but in principle it is no different.

It is is the same with tradesmen, they will always give you a discount for cash for some reason but I don't see cries on here from the moral authorities for that to be stopped.

Given the chance I would hazard a guess that everyone will do everything they can to keep as much money as they can and only a minority handful will knowingly pay the full compliment where they are aware they can avoid doing so.

Because of this, I don't really get the witch hunt on here to be honest because if the government outlawed all 'legal' tax avoidance it isn't just very rich people that will suffer that is for sure.

As with most Corbyn-esque cries it is very easy to criticize something you don't understand and something that seems simple but when it inevitably affects your own wallet people soon change their tune.

 

[smudgedj]

Also worth pointing out that The Scott Trust Ltd isn’t a trust.

The most selfless piece of tax avoidance in history. Alongside Bill Gates and Microsoft of course. However not the Queen even though she is a textbook definition of the very opposite of a tax avoider since she definitely pays tax she is not required too.