The Pandora Papers.

[PK99]

The Blairs say the office now used by their business was offered 'boxed up' as an offshore company rather than a simple transaction for the freehold (or leasehold) interest.

There was nothing stopping them making a payment to the treasury equivalent to the tax not paid.

 

[PK99]

What a brilliantly great idea.

Who would be in charge of it all?

Given their economic and physical expansionist policies, China.

 

[Deleted member 49]

There was nothing stopping them making a payment to the treasury equivalent to the tax not paid.

We had no choice but to buy that particular property which just happened to be via purchasing an offshore company, thereby avoiding over 300k in stamp duty in a truly unhappy and inconvenient accident.
Love Tony and Cherie x

 

[Deleted member 49]

Sorry to disappoint, but, no, I don't know perfectly well what you are saying, or, indeed what most others on here are saying. It is all very well for us to make statements about "equality", "the poor", "the wealthy" etc etc, but, I suspect we all have slightly (or even not so slightly) different views on what we mean by these terms.

A couple of little examples, these both happened during an extended family discussion on how "the Government should make life more fair":

1. Everyone agreed that "ordinary people" (not said, but, implied, like themselves) should pay less in taxes, and, "the rich" (you know, those "other people") should pay more.

2. One brother-in-law (who had worked his whole life (age 15 - 65, in lower paid shipyard and factory jobs, now retired on State Pension). His wife has not had a career, since they married and had a family, now drawing State Pension. Living in a Council House. He was of the opinion that no-one should earn more than £40,000pa, since that (and I quote), "was enough for anyone".

3. A sister-in-law ( a lifetime lower ranking Civil Servant, Clerical Officer, now retired with State Pension and Civil Service Pension. Husband now retired, with State Pension, and a couple of "works pensions" from previous employers, during his working life, he was a skilled Mechanical Engineer, working in a factory. Living in their own home, no mortgage. Also, they had two properties (mortgage free), which they rent out. No way did sister-in-law see herself as "better off", she was most definitely "poor", or, at worst "ordinary".

Whilst all could agree that Bill Gates or (say) a Premier League Footballer were "rich", when it came down to drawing a few lines, to begin the "progressive taxation" then, it all became very murky, because, everyone thought, the line should start above them.

Now, perhaps, I have a greedy, self-centred extended family (they are mostly -in-laws, so, could be ), or, perhaps, getting consensus on all of this "equality" might not be quite as straight forward as us uttering a few sound bites on CC forum.

I'd of took this....I class 80,000 a year as a decent starting point to raise tax.To be fair I'd probally go lower.But it seemed a good start... From 2019 Labour.
The rates of income tax will increase to 45% for income over £80,000 and 50% over £123,000. Companies would pay a levy for any staff earning over £330,000. CGT will increase at least to 18% basic rate and 28% higher rate. Inheritance tax will be replaced by a lifetime gift tax at income tax rates on any gifts over £125,000. Landowners will be taxed more heavily while tenants will be better off. Corporation tax will be 26%. Large companies would need to transfer up to 10% of their shares to a fund for their employees and the nation. The GAAR will be revamped.

 

[BoldonLad]

I'd of took this....I class 80,000 a year as a decent starting point to raise tax.To be fair I'd probally go lower.But it seemed a good start... From 2019 Labour.
The rates of income tax will increase to 45% for income over £80,000 and 50% over £123,000. Companies would pay a levy for any staff earning over £330,000. CGT will increase at least to 18% basic rate and 28% higher rate. Inheritance tax will be replaced by a lifetime gift tax at income tax rates on any gifts over £125,000. Landowners will be taxed more heavily while tenants will be better off. Corporation tax will be 26%. Large companies would need to transfer up to 10% of their shares to a fund for their employees and the nation. The GAAR will be revamped.

So, to be clear, Income tax, no change to the basic rate, and an increase for those over £80,000pa ?

Not sure about the levy on Companies for staff earning over £330,000pa? would it be necessary to define earnings more tightly, what about share options, and other perks (eg school fees, cars, etc etc), why not just tax the individual?, wouldn't companies (and Public Bodies) just pass the cost of the levy onto their customers (ie us)?.

Your gift tax, is that £125,000 per person (gifted to), or an agregate figure for all gifts? Not sure from your wording, but, I assume £125,000 is a lifetime figure, per individual giver?

CGT, why not just align it with income tax?

Landowner bit is rather vague, all well and good to "hit" the Dyson's of this world, or, The Duke of Norfolk, but, several million owner occupiers, perhaps not a vote winner.

The fund for "the employees" how is that going to work? what about people who don't stay at same company for their whole working life, what is the objective of the fund (ie pensions, "social" stuff eg Sports facilities etc etc)

GAAR. Wouldn't it be better to simplify the tax system, making it more transparent? The problem now (IMHO) is that big business can afford to imply smarter "avoidance experts" (sorry, tax accountants), than the Tax Office, plus, savvy Tax Officers "migrate" to the Corporate world.

Not totally disagreeing with, just "thinking out loud" as to something which may actually work, and, be attractive enough to win enough votes.

 

[Deleted member 49]

Not totally disagreeing with, just "thinking out loud" as to something which may actually work, and, be attractive enough to win enough votes.

Lol....it wasn't attractive enough...who would have thought you don't need any of this sh1te.Just a catchy three word slogan and the electorate are putty in your hands 😁

 

[BoldonLad]

Lol....it wasn't attractive enough...who would have thought you don't need any of this sh1te.Just a catchy three word slogan and the electorate are putty in your hands 😁

So, what didn't successive Labour leaders come up with such a slogan, win an election and implement some of these policies?

Shouting "tories are crap/other expletive of your choice" doesn't seem to have cut the mustard.

 

[Deleted member 49]

So, what didn't successive Labour leaders come up with such a slogan, win an election and implement some of these policies?

Hindsight is a wonderful thing....they were close for a while.I guess being honest doesn't win elections.

 

[Bazzer]

No surprise at all to me.
I regularly see the steps taken to engage in evasion rising exponentially with the amount of money involved.
There are a number of countries actively marketing themselves as tax havens, as the more "traditional" ones are brought within OECD reporting requirements. Others are more subtle about it, such as those where corporations controlled by non residents pay a lower rate of tax than those controlled by residents.
As for UK PLC, the words pot and kettle come to mind.

 

[fozy tornip]

Money destroys human roots wherever it is able to penetrate, by turning desire for gain into the sole motive. It easily manages to outweigh all other motives, because the effort it demands of the mind is so very much less.

Simone Weil