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Tax dodging scum

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    Tax dodging scum

    No the other tax dodging scum. FTSE companies in the UK.

    http://www.guardian.co.uk/business/2...-gap-avoidance

    The UK-based drinks giant Diageo plc has transferred ownership of brands worth billions of pounds, including Johnnie Walker, J&B and Gilbey's gin, to a subsidiary in the Netherlands where profits accrued virtually tax-free. Despite average profits of £2bn a year, it paid an average of £43m a year in UK tax - little more than 2% of its overall profits.

    Two major drug firms have shifted ownership of their brands to tax havens in the Caribbean. Their UK operations can then be made to pay royalties for the use of the trademarks, reducing their profits and the amount of tax due in this country.

    An internationally renowned corporation has structured itself so that it is now simultaneously a British public company, tax-resident in Amsterdam, but whose brands are Swiss-owned.

    The makers of an iconic British food product have shifted the rights in it to a tax haven in Switzerland.

    A household name has been deliberately loaded with debt so that it no longer has any profits to pay tax on.

    Top accountancy firms are charging £500,000 a time to invent tax-avoidance schemes.

    Some UK-listed companies which have moved control to Dublin to benefit from Ireland's low-tax regime appear to have little real presence there.

    According to the National Audit Office, in 2006 more than 60% of Britain's 700 biggest companies paid less than £10m corporation tax, and 30% paid nothing.




    But lets face it, it makes more sense to hunt down some poor sod who has the audacity to run his own business and call him a "disguised employee" and try and bankrupt him for £30K.

    Or maybe it just spells out that business tax is way too high in the UK.

    #2
    Originally posted by DimPrawn View Post
    No the other tax dodging scum. FTSE companies in the UK.
    ....
    According to the National Audit Office, in 2006 more than 60% of Britain's 700 biggest companies paid less than £10m corporation tax, and 30% paid nothing.




    But lets face it, it makes more sense to hunt down some poor sod who has the audacity to run his own business and call him a "disguised employee" and try and bankrupt him for £30K.

    Or maybe it just spells out that business tax is way too high in the UK.
    Competition among tax jurisdictions. You can do the same: move to somewhere with lower tax.

    Comment


      #3
      Whom is the greatest criminal ?

      He who robs a abck ? Or he whom owns a bank ?


      Threepenny Opera - B Brecht

      Comment


        #4
        Originally posted by expat View Post
        Competition among tax jurisdictions. You can do the same: move to somewhere with lower tax.
        They don't move, that's the point. They open offices in a low tax country and use accounting techniques to move the money around with intercompany charges. We can't afford to do that and even if we did we'd be jumped on like a tonne of bricks.

        Amazing what a few million bunged to the Labour party can do to have HMRC turn a blind eye.

        Comment


          #5
          There is a cheap way to stop these avoidance schemes, close loopholes and maximise tax take. Abolish all taxes except VAT and set it at 20% for everything that is bought and sold.
          Sack 90% of the tax men to boot




          (\__/)
          (>'.'<)
          ("")("") Born to Drink. Forced to Work

          Comment


            #6
            Originally posted by EternalOptimist View Post
            Sack 90% of the tax men to boot




            Yes, that's going to happen that is.

            Comment


              #7
              Originally posted by DimPrawn View Post
              Yes, that's going to happen that is.

              brilliant news.
              when ?
              (\__/)
              (>'.'<)
              ("")("") Born to Drink. Forced to Work

              Comment


                #8
                Originally posted by DimPrawn View Post
                They don't move, that's the point. They open offices in a low tax country and use accounting techniques to move the money around with intercompany charges. We can't afford to do that and even if we did we'd be jumped on like a tonne of bricks.

                Amazing what a few million bunged to the Labour party can do to have HMRC turn a blind eye.
                I read somewhere that Philip Green paid himself (or rather his non-domicile wife), a £1.2 billion pound dividend last year. As she's a 'non-dom', not a penny was paid in tax!
                If at first you don't succeed... skydiving is not for you!

                Comment


                  #9
                  Originally posted by DimPrawn View Post
                  They don't move, that's the point. They open offices in a low tax country and use accounting techniques to move the money around with intercompany charges. We can't afford to do that and even if we did we'd be jumped on like a tonne of bricks.

                  Amazing what a few million bunged to the Labour party can do to have HMRC turn a blind eye.

                  Philip Green being an excellent example of the above.

                  Old mate of Tony Blair.

                  Say no more.

                  Wink -Wink

                  Comment


                    #10
                    Originally posted by DimPrawn View Post
                    They don't move, that's the point. They open offices in a low tax country and use accounting techniques to move the money around with intercompany charges. We can't afford to do that and even if we did we'd be jumped on like a tonne of bricks.

                    Amazing what a few million bunged to the Labour party can do to have HMRC turn a blind eye.
                    Oh, was this not possible before 1997? I didn't know that.

                    Comment

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