Cameron family fortune made in tax havens

[AtW]

tata...

[TimberWolf]

Are they multimillionaires in terms of assets, or in terms of income?

The coalition of millionaires: 23 of the 29 member of the new cabinet are worth more than £1m... and the Lib Dems are just as wealthy as the Tories | Mail Online

[TimberWolf]

tata...

Have you just shut down Windows?

[Gonzo]

At the time of his death in late 2010, Ian Cameron left a fortune of £2.74m in his will, from which David Cameron received the sum of £300,000. (AtW's comment: so that's just below threshold when inheritance tax would kick in - HM Revenue & Customs: )

Point of order!

Inheritance tax is assessed on the estate as a whole, not the individual bequests.

[Old Greg]

We need retrospective legislation to close this loophole.

[AtW]

Point of order!

Inheritance tax is assessed on the estate as a whole, not the individual bequests.

oh? Good point then.

[SantaClaus]

We need retrospective legislation to close this loophole.

Yep, let's get some advice from India.

[AtW]

Yep, let's get some advice from India.

Don't know about India but USA is certainly setting some examples:

"Donald Turner, 68, has spent much of his life telling people how to beat their taxes, first in a series of seminars run out of his one-man "church" and then in a book aimed at helping wealthy professionals shield their income by creating phony trusts on far-off islands.

That book said nothing about going to jail, but that's where he's headed for the next five years

Senior U.S. District Judge Maurice Cohill Jr. last week sent him to federal prison for conspiracy to impede the IRS and ordered him to pay $408,000 in restitution to the United States."

Source: Offshore tax schemes guru gets five years in prison - Pittsburgh Post-Gazette