OT: Oh no, not politics again (PLEASE DON'T LOOK IF EASILY OFFENDED)

[JoePass]

Theresa May has refused to commit to a public register of the ownership of offshore companies and trusts in the wake of the Paradise Papers revelations but said new measures were already creating more transparency.

Leaked papers revealed that millions of pounds from the Queen’s private estate have been invested in a Cayman Islands fund as well as showing that the Conservative donor Lord Ashcroft used an offshore trust to shelter wealth.

After the revelations, the Labour leader, Jeremy Corbyn, appeared to suggest the Queen should apologise, saying anyone who put money into a haven to avoid paying tax should apologise and should recognise the damaging effect of avoidance.

I expected this from you earlier....anyway, please explain to me what laws have been broken.

[Mapperleypie]

I don't believe the queen has broken any laws. I'm not really sure that is the point though is it. If lawmakers in this county are quite happy to hold assets in dodgy tax-havens then why should members of the public pay their 'fair share'?

If HMRC could seriously go after companies and individuals that use tax-havens (with the help of the government of the day) then the UK public finances would be in much better shape. Sadly there is no political will, why would the Tories want to annoy it's best-paying donors and friends in the media.

[JoePass]

I don't believe the queen has broken any laws. I'm not really sure that is the point though is it. If lawmakers in this county are quite happy to hold assets in dodgy tax-havens then why should members of the public pay their 'fair share'?

If HMRC could seriously go after companies and individuals that use tax-havens (with the help of the government of the day) then the UK public finances would be in much better shape. Sadly there is no political will, why would the Tories want to annoy it's best-paying donors and friends in the media.

No laws broken here, move along, nothing to see.

[frenchmagpie]

No laws broken here, move along, nothing to see.

Perhaps you'd care to give us full details of how these offshore companies and trusts have been set up in order than we can judge ? But you can't can you as they are hidden.
Anyway to get you started let's try some Controlled Foreign Corporation legislation or Controlled Foreign Companies as it's known in UK. That says corporate income should be taxed where the management and control lie. Most of these offshore tax haven companies use nominee directors to pretend they are controlled from say Panama. But in reality they are controlled by the true owners who may reside in UK but declare their profits only in Panama. So they are breaking the law.
But HMRC do not have the balls or resources to go after them so most of them get away with it.
That good enough ?

[BanjoPie]

Perhaps you'd care to give us full details of how these offshore companies and trusts have been set up in order than we can judge ? But you can't can you as they are hidden.
Anyway to get you started let's try some Controlled Foreign Corporation legislation or Controlled Foreign Companies as it's known in UK. That says corporate income should be taxed where the management and control lie. Most of these offshore tax haven companies use nominee directors to pretend they are controlled from say Panama. But in reality they are controlled by the true owners who may reside in UK but declare their profits only in Panama. So they are breaking the law.
But HMRC do not have the balls or resources to go after them so most of them get away with it.
That good enough ?

Question for you. - Do you have a tax free ISA? - if so, are you breaking the law or did it seem the best deal for you to maximise your cash?

"look out for the taxman- he may be after you for tax avoidance

[sidders]

Question for you. - Do you have a tax free ISA? - if so, are you breaking the law or did it seem the best deal for you to maximise your cash?

"look out for the taxman- he may be after you for tax avoidance

So you compare my ISA with Google, Amazon and the Queen's tax scams? Go play your banjo...

[BanjoPie]

So you compare my ISA with Google, Amazon and the Queen's tax scams? Go play your banjo...

Google break no laws by choosing to sort their affairs in order to reduce their tax burden - you (and I) choose to save using a tax free ISA. There may be a vast amount amount of difference in the tax saved but the principle is the same ie; no law broken or regulation breached. What needs to happen is a new law to prevent the likes of google trading in the UK and not paying the correct amount of tax.

[Jeekay56]

"look out for the taxman- he may be after you for tax avoidance

Why? Tax avoidance isn't illegal!

[BanjoPie]

Why? Tax avoidance isn't illegal!

"you didn't read all of French Magpie's post did you"

[frenchmagpie]

Question for you. - Do you have a tax free ISA? - if so, are you breaking the law or did it seem the best deal for you to maximise your cash?

"look out for the taxman- he may be after you for tax avoidance

But ISA's are deliberate government policy to encourage saving. They are not artificial constructs to circumvent or break the law. And as I explained a lot of these offshore companies ARE breaking the law by not declaring their profits in UK under CFC legislation.
The rightwing press are just feeding the masses this ISA comparison but it's total BS. And HMRC are being underfunded so they can't chase down these criminals. Tax havens could be closed down tomorrow, it's very easy. And if they didn't play along why could we not just cut off flights to these places ? They would change their ways in an instant. It's deliberate policy to allow this to continue at our expense.