oh goody more advertising about tax evoidance

[AtW]

There are loads of reasons for having foreign bank accounts. One might do business there, or own property there, or be tax resident there as well as here.

Yes for sure, foreign bank accounts are ok as long as you run genuine business there that actually requires such account, however in offshore locations vast majority of accounts holder create such accounts for one reason only - avoid paying tax (ok, and hide criminal money in place where no questions get asked).

[Ticktock]

Yes for sure, foreign bank accounts are ok as long as you run genuine business there that actually requires such account, however in offshore locations vast majority of accounts holder create such accounts for one reason only - avoid paying tax (ok, and hide criminal money in place where no questions get asked).

Have you got a source for that "vast majority"?

I would guess nowadays that a vast majority of people with accounts in more than one country is because they are migrants from one country to another. They might not "run a genuine business there" - they may want to have a personal account in their original home country, as well as having a personal account in the new host country. I know several people in this situation.

But I'll admit it's a guess rather than stating it as fact.

[AtW]

Have you got a source for that "vast majority"?

Vast majority by amount of money kept in offshore, that would be my guestimate.

I would guess nowadays that a vast majority of people with accounts in more than one country is because they are migrants from one country to another.

I am talking about offshores specifically - their main purpose is to hide money from tax, that's for legitimate money, for the rest they are also good to launder it as very few questions are asked about source of the money.

[Ticktock]

Vast majority by amount of money kept in offshore, that would be my guestimate.

Ah, you may be right in that regard. I was confused as you said vast majority of account holders. I would guess that those using it for evasion would have more money each on average though, yes.

I am talking about offshores specifically - their main purpose is to hide money from tax, that's for legitimate money, for the rest they are also good to launder it as very few questions are asked about source of the money.

An offshore bank is simply a bank in a different country to a the depositor, so could be anywhere. I get what you mean though - you're talking about the dodgy ones.

[AtW]

Ah, you may be right in that regard. I was confused as you said vast majority of account holders. I would guess that those using it for evasion would have more money each on average though, yes

I reckon account holders also, but it's total money that matter.

An offshore bank is simply a bank in a different country to a the depositor, so could be anywhere. I get what you mean though - you're talking about the dodgy ones.

Offshore bank is not just another bank in a foreign country - by offshore here a low or even near zero tax area is implied, normally with very few questions asked about legitimacy of money sent there - their business is turning blind eye to the obvious at the expense of others.

[doodab]

What does that mean?

It means that those who work would pay a higher rate of tax than they would if tax were due at the same rate on non-work income.

[SpontaneousOrder]

It means that those who work would pay a higher rate of tax than they would if tax were due at the same rate on non-work income.

But interest bearing wealth has already been taxed; Taxing the interest too punishes savers.
Capital is core to a sound and productive economy - punishing savers harms the poorest most because it's the poorest who benefit most from wealthier men's continual creation of new wealth.

[AtW]

But interest bearing wealth has already been taxed; Taxing the interest too punishes savers.

Agreed, but one could say that if this money was invested to generate gains then such gains will also be taxed.

[doodab]

Capital is core to a sound and productive economy - punishing savers harms the poorest most because it's the poorest who benefit most from wealthier men's continual creation of new wealth.

So is labour, and it's those with capital who benefit most from poorer men's labour.

To explicitly value a risk and effort free deployment of capital more highly than labour is a nonsense perpetrated by those with capital solely for their own advantage. If A & B team up such that A invests £1000 and B does the work and each make money from the endeavour they should at the very least be taxed equally on their rewards.

[vetran]

the big problem is the gulf growing between the rich & poor. For the good of society we need to stop that and as many rich use tax avoidance & evasion schemes clamping down on them makes sense.