Previously ...
That's a false statement in the first sentence. That's an opinion in the second, and an ill-formed one.
None of your arguing is related to fact.
It is a fact that NICs is ring-fenced in statute. That is a statement.
The sum that Reeves is trying to raise is about £50bn. It would be a modest sum if the wealthy were prepared to contribute, but too few of them are. They are happy to pay donations to political parties to protect themselves from wealth tax however.
Lord Bamford, along with his brother Mark Bamford, is currently under investigation by HM Revenue and Customs (HMRC) over alleged aggressive tax avoidance spanning two decades. The inquiry focuses on offshore family trusts in Bermuda that hold shares in the JCB empire, which the Bamfords inherited in 2001.
💰 Potential Tax Liability
- The Bamford brothers could face a tax bill of over £500 million.
- This figure includes:
- Unpaid tax on dividends from offshore-held shares
- Interest on that unpaid tax
- Penalties of up to 200%, as per HMRC guidance
🕵️♂️ Investigation Details
- The HMRC probe has been ongoing for three years.
- It’s described as a serious investigation, typically launched only when HMRC suspects substantial tax loss.
- The Guardian reported that Lord Bamford has not yet informed parliamentary authorities of the investigation.
🧾 Political Implications
- The Bamfords have donated over £10 million to the Conservative Party.
- A Labour MP has called for the party to return these donations if the allegations are proven.