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Oh Dear, How Sad. Never Mind...
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I doubt that any of the celebs in question demanded that their accountants try something illegal; by the sound of it their tax advisers put money into a profitable scheme that might or might not have been acceptable, but didn't become unacceptable until a court later said so.
How would you expect an Arctic Monkey to know if a tax scheme was kosher? They were all badly advised, but that's with hindsight.
How would you expect an Arctic Monkey to know if a tax scheme was kosher? They were all badly advised, but that's with hindsight.
oh dear, why do lefty commedians and actors think It's ok to evade tax when the rest of us have to pay? Odd one as they espouse socialism and then do not actually practice it? Hang on that's the socialist way isn't it? Do as I say not as I do! They'll all be in gromit's Islington Tibetan peace tea shop crying their mince pies out! PMSL!
I agree, it is avoidence but this one looks ify right from the start and stuffing huge sums in is going to attract the attentions of The MWSD.
What amuses me most is as TTT points out.
//There will always be loop holes and people trying to find ways round them. //
Only whilst the tax system is so complicated and taxes high. The tax payer alliance have been on about this for years but successive Chancellors for some reason dont seem interested. Once wonders why!
What amuses me most is as TTT points out.
//There will always be loop holes and people trying to find ways round them. //
Only whilst the tax system is so complicated and taxes high. The tax payer alliance have been on about this for years but successive Chancellors for some reason dont seem interested. Once wonders why!
Nice sunny afdternoon - do you need a tutorial in tax avoidance?
( cries of "avoidance - what dat den?")
it is as the above say - quet lawful to order your affairs in a away to mimise the tax bill ( summerskill 1962)
Tax evasion is the unlawful escaping temporarily paying you right amount of tax
Varioius schemes were made up and these were sold as vehicles which lawfully avoided tax. Rossminister was the first to go under and the losers bleated that the tax authorities had a limitless piggy bank to finance attacks on these companies and the rich tax payer had er lots of money but less in comparison
Liberty will not be the last
The tax judges had already said that they would not support a series of transactions whose only purpose seemed to be to pay less tax.
In from NZ came GAAR - general anti tax avoidance regulations. Instead of specifying loopholes which were unacceptable - you could with a broad brush specify kindsa stuff you didnt like - and these became unlawful as well !
I will read the Liberty case if anyone can get the reference
I think this is an appeal - they knobs were warned the writing was on the wall three years ago.
I seem to recollect one fo the judges in the past saying that the liberty scheme was a series of transactions which were as far as he was conerned a sham series of transactions
( cries of "avoidance - what dat den?")
it is as the above say - quet lawful to order your affairs in a away to mimise the tax bill ( summerskill 1962)
Tax evasion is the unlawful escaping temporarily paying you right amount of tax
Varioius schemes were made up and these were sold as vehicles which lawfully avoided tax. Rossminister was the first to go under and the losers bleated that the tax authorities had a limitless piggy bank to finance attacks on these companies and the rich tax payer had er lots of money but less in comparison
Liberty will not be the last
The tax judges had already said that they would not support a series of transactions whose only purpose seemed to be to pay less tax.
In from NZ came GAAR - general anti tax avoidance regulations. Instead of specifying loopholes which were unacceptable - you could with a broad brush specify kindsa stuff you didnt like - and these became unlawful as well !
I will read the Liberty case if anyone can get the reference
I think this is an appeal - they knobs were warned the writing was on the wall three years ago.
I seem to recollect one fo the judges in the past saying that the liberty scheme was a series of transactions which were as far as he was conerned a sham series of transactions
// Do you need a tax tutorial No, not at all. // oh
oops sorry got one anyway - and by the way - you decide what is lawful and unlawful - and then amongest the lawful choices you decide which most moral choice to make. [ a so-called moral but unlawful choice means lots and lots of moolah flows out of your wallet. er-er]
that isnt the case here - the judges have said the Clavis Liberty scheme is unlawful - the sums are largish ( £70m ) and that the fees involved ( £700k) are not tax deductible - so moral choices dont come into it
perhaps you needed that tutorial anyway
( I love the idea of a moral choice when it comes to paying tax - well OK this is cuddly AB, so I shouldnt expect too much
I have found the Upper Tax Chambers determination
It is a jesus heavy judgement
not suitable for the average ABer
oops sorry got one anyway - and by the way - you decide what is lawful and unlawful - and then amongest the lawful choices you decide which most moral choice to make. [ a so-called moral but unlawful choice means lots and lots of moolah flows out of your wallet. er-er]
that isnt the case here - the judges have said the Clavis Liberty scheme is unlawful - the sums are largish ( £70m ) and that the fees involved ( £700k) are not tax deductible - so moral choices dont come into it
perhaps you needed that tutorial anyway
( I love the idea of a moral choice when it comes to paying tax - well OK this is cuddly AB, so I shouldnt expect too much
I have found the Upper Tax Chambers determination
It is a jesus heavy judgement
not suitable for the average ABer
.// kay, you win 135 million on the lottery.... Now tell me you are going to pay full income//
certainly - answer coming up !
HM Revenue & Customs doesn't regard lottery winnings as income, so all prizes are tax-free – hurray! However, there could be tax implications once you've banked your winnings.10 Sep 2012
income generated from your investing the 135 mill
is of course taxable as unearned income
actually even on a return of 1% your tax bill would be erk 1/2 million
certainly - answer coming up !
HM Revenue & Customs doesn't regard lottery winnings as income, so all prizes are tax-free – hurray! However, there could be tax implications once you've banked your winnings.10 Sep 2012
income generated from your investing the 135 mill
is of course taxable as unearned income
actually even on a return of 1% your tax bill would be erk 1/2 million
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