Originally posted by AtW
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Tax Avoidance
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"You’re just a bad memory who doesn’t know when to go away" JR -
Originally posted by SueEllen View PostNot if the accountants call some of the loans in.Comment
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Originally posted by AtW View PostI don't think ISAs should be tax free to begin with, but since they are explicitly so and it's a simple well understood transaction - save money and get tax free income, then it's fine. It's very limited as well to the point of being useless for large scale "tax avoidance" if you like.
Getting into tulip like pretending you don't get income and instead sham loans that never get called in is tax evasion in my book.
Sadly the next mob in went in a completely different direction and we are now in this mess.Comment
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Originally posted by AtW View PostWhat I don't understand is whether such loans are subject to market interest rates, surely if they are then whole affair won't be worthwhile (paying 5-7% on ever growing loans without income), and if they are 0% then surely it's clear sign the loans are scam?
Tax avoidance is not illegal - live with it.Comment
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Originally posted by SupremeSpod View PostTax avoidance is not illegal - live with it.
So there is just a small matter of whether what is done actually qualifies - due to high level of proof required it's a bit difficult to prove such cases under existing legislation so iHMRC chooses a tad easier way of saying "scheme does not work" and then charging penalties.
That's not enough - until people actually go to jail for organising such schemes OR using them nothing will change.Comment
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Originally posted by SueEllen View PostThey aren't all useless.Comment
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Originally posted by AtW View PostTax evasion is.
So there is just a small matter of whether what is done actually qualifies - due to high level of proof required it's a bit difficult to prove such cases under existing legislation so iHMRC chooses a tad easier way of saying "scheme does not work" and then charging penalties.
That's not enough - until people actually go to jail for organising such schemes OR using them nothing will change.
Learn the difference between the two first though, eh? There's a good lad.Comment
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Originally posted by SueEllen View PostIt's unlikely he would pay VAT on the tickets personally but the company who sells the tickets for him would pay the VAT etc before giving him the profits.
I think the chap is a bit of an arse to be honest but don't say he does not put a shed load of money into HRMC in upstream money raising areas from his take home.Comment
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Originally posted by SupremeSpod View PostThis topic is about "avoidance", go and start your own if you want to discuss "evasion". Learn the difference between the two first though, eh? There's a good lad.Comment
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Originally posted by minestrone View Posthe does not put a shed load of money into HRMC in upstream money raising areas from his take home.
It's totally bogus idea that somebody can put in £X quid as investment and then write off bigger loses than money put in, WTF!?!?!? He can't lose more than money he put into that scheme, hence it should not be possible to offset taxes by higher amount.Comment
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