Paradise Papers Leak

blueinsa said:
We have to be able to trust in HMRC and that they collect all due monies regardless of person or company and right now, we know that just isnt happening.

For the record and clarity here, i have zero issue in successful people and companies as we need the wealth creators in this country.

All i ask is that Mr X who earns his multi millions or even billions pays whats due and the same with big corporations and whilst i accept someone paying say £20M in a year in tax is a huge amount, its not morally right if he was actually liable for even more going off his earnings that year and we are talking about sums of money here so large that they would make a huge difference to the public purse.

Be a millionaire or billionaire and enjoy it but just pay whats due.
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None of that alters my reply to the poster asking "If it's legal then why is it hidden and we are only just finding out about it now."

It's a simple concept that all private affairs are usually kept private and the fact that these details are private (or hidden) does not make them illegal or suggest that they are illegal.

I've already said I believe people and corporations should pay the tax due in the jurisdictions in which they were earned. I pay UK tax on my UK earnings and tax at 0% on my income where I work. I have no issues with people being pissed off at people earning their money in the UK but forming a company to receive the income in a tax haven and I don't think the practice should be legal.
 
sir baconface said:
Who on here voluntarily pays more tax than they need to?
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chabal said:
Me.

I confess I have never approached an accountant and asked that they create an artificial financial structure so as to help me avoid paying UK tax rates.

I know.

I'm a fucking numpty.
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Don’t be too hard on yourself.

Although elaborate schemes are the preserve of the rich, it’s possible for the less pecunious among us to start small. Pension contributions, an ISA, childcare vouchers and maybe a cycle-to-work scheme. For the more edgy, consider paying your plumber in cash or inflating your mileage expenses. If self-employed, form a limited company, employ your spouse at £5,875 p.a. and take a slug of your income in dividends.

You can graduate to IHT shelters and other inventive devices once you’re earning a few more millions. However, there’s no really no need to trouble yourself at this stage.
 
SWP's back said:
That's not what I asked mate.

No one publishes a breakdown of their income and assets, as such, they are "hidden" from public view.
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They do in Norway. Anyone can access what people pay in tax. It has a profound affect on the way the rich are thought about because you can see what people contribute to society. Those who contribute most are appreciated rather than anyone who does well here who is a selfish twat.

If it was all open and free, that guy with a nice house 4 cars on his drive but pays no tax might also feel the shame of his neighbours and cough up.

I know there is downside with crime and blackmail etc , but I think turning it on his head would be a good thing. It would be interesting to see the change in mindset.
 
The Light Was Yellow Sir said:
"In all the micro-data we have access to, offshore wealth turns out to be extremely concentrated: the top 0.1% richest households own about 80% of it, and the top 0.01% about 50%."

https://ftalphaville.ft.com/2017/09...-day-offshore-tax-haven-market-share-edition/
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Very interesting article, it seems like they are the ones who have control of the world. (I know this sounds tinfoily, but it is the truth)
The amount of money they have could end a lot of problems, from poverty to environmental friendly energetic...they aren’t investing in it, so it might be a conflict of interest.
 
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