This Cameron non-story

[sasguru]

Obviously people keep their cash in Panama because of it's reputation for integrity and security (compared to, say, the Lloyds Branch in Clacton High Street)

Do you have a pension at all?
If you do there's a high chance some of your money is invested in an investment trust in Panama.
Financial and management companies set up there for all sorts of reasons including low taxes on profits on their investments - that means you get to keep more of the money your pension makes.

[BrilloPad]

Do you have a pension at all?
If you do there's a high chance some of your money is invested in an investment trust in Panama.
Financial and management companies set up there for all sorts of reasons including low taxes on profits on their investments - that means you get to keep more of the money your pension makes.

Maybe all UK pensions should be invested in UK investment trusts so the UK government gets all the tax.

[sasguru]

In taxation terms there is something very morally wrong if your AFTER-TAX income is subject to further tax e.g. if you give it your kids and die within 7 years.
The state has some call on your GROSS income since it protects you and benefits society.
But once you have paid your fair share, be that what it is, there should be no further call on that money.

[BlasterBates]

Obviously people keep their cash in Panama because of it's reputation for integrity and security (compared to, say, the Lloyds Branch in Clacton High Street)

The fund wasn't in Panama it was managed in the Cayman Islands or somewhere similar. One company I invest in is also based there. I don't invest to avoid tax I invest because it happens to be the holding company of a Hong Kong based furniture manufacturer. I pay tax on dividends and pay CGT: I avoid no tax, that's not why I do it.

Cameron invested in a Unit Trust that invested internationally.

The fund or the company you invest in might avoid tax but not you the investor, because you declare all your dividends.

You will find most people with a private pension will be invested in similar funds because the entire hedge fund industry is run like that.

[sasguru]

Maybe all UK pensions should be invested in UK investment trusts so the UK government gets all the tax.

There'd be some very poor pensioners then ....which the govt. would have bail out ....which would lead to further debt etc etc.

[sasguru]

The fund or the company you invest in might avoid tax but not you the investor do not, because you declare all your dividends.

Quite. That's the point I was making.

[BrilloPad]

In taxation terms there is something very morally wrong if your AFTER-TAX income is subject to further tax e.g. if you give it your kids and die within 7 years.
The state has some call on your GROSS income since it protects you and benefits society.
But once you have paid your fair share, be that what it is, there should be no further call on that money.

I would like a legal definition of that.

Large overseas companies pay the correct legal amount. And the amount they pay should be moved to being in line with UK companies.

[BrilloPad]

Ken Livingstone breaks expensive new hypocrisy-o-meter

[BlasterBates]

True. It's funny though isn't it. He started conflating tax evasion and avoidance and making a special case against 'aggressive tax avoidance' on purely moral grounds and what is arbiterilly determined to be 'fair', only to get caught in his own trap. He hasn't done anything wrong investment-wise, but it's a major political f* up and means all politicians for the rest of time will have to publish their tax affairs or else be viewed as inherently dodgy.

I disagree here because Cameron didn't avoid any tax and no-one has suggested he has.

You can invest your money wherever you want as long as you declare it, and he did. I see no hypocrisy.

There is no a single country where you can't do that. I see no comparison to tax evasion or dodgy schemes, none whatsoever.

[sasguru]

I would like a legal definition of that.

Large overseas companies pay the correct legal amount. And the amount they pay should be moved to being in line with UK companies.

Companies are a whole other issue. I'm talking about individuals.