Duke of Westminster

[WTFH]

Will the DoW's tax affairs have an impact on contractors who have used trusts in the past to reduce their taxes?


Inheritance tax, and how the Dukes of Westminster avoid it on their £9bn fortune

[MrMarkyMark]

Will the DoW's tax affairs have an impact on contractors who have used trusts in the past to reduce their taxes?


Inheritance tax, and how the Dukes of Westminster avoid it on their £9bn fortune

No, because only little people pay taxes

[eek]

Will the DoW's tax affairs have an impact on contractors who have used trusts in the past to reduce their taxes?


Inheritance tax, and how the Dukes of Westminster avoid it on their £9bn fortune

No it's a carefully created over the long term plan that actually works and has the money to fight any attempts to tax it.

The typical contractor scheme was insane, half baked (at best) and sold by spivs to people who were scared by ir35 into joining said madcap scheme. The fact it was used by people to increase their take home pay also means that no one has the money to push HMRC into court when HMRC starts asking for money.

[DonkeyRhubarb]

The fact it was used by people to increase their take home pay also means that no one has the money to push HMRC into court when HMRC starts asking for money.

Not individually but collectively it wouldn't take much to create the mother of all fighting funds.

I wouldn't be surprised if more than 50,000 contractors have used loan schemes.

If everyone chipped in £1,000...

Of course, for various reasons, it will never happen.

[webberg]

Duke of Westminster "legal" IHT arrangement likely to avoid £3.9bn of tax. HMRC unlikely to challenge.

Contractor schemes likely to bring in less than £500m (according to our model). HMRC throwing the kitchen sink - paid for by taxpayer funds.

Go figure.

[NotAllThere]

Give stuff to your offspring, live seven years beyond that, and there's no inheritance tax. AIUI the trust arrangement is to prevent them wasting it.

[eek]

Duke of Westminster "legal" IHT arrangement likely to avoid £3.9bn of tax. HMRC unlikely to challenge.

Contractor schemes likely to bring in less than £500m (according to our model). HMRC throwing the kitchen sink - paid for by taxpayer funds.

Go figure.

No one in HMRC has the yearly target to get £3bn in inheritance tax from the Westminster estate

Entire departments have a individual yearly target to collect money from loan schemes.

[DotasScandal]

No one in HMRC has the yearly target to get £3bn in inheritance tax from the Westminster estate
Entire departments have a individual yearly target to collect money from loan schemes.

And the above is merely a consequence of political decisions at the top.
Please understand it's about the message, not the financial fallout (which, like for IR35, is laughable).
And the message is: "tax avoidance" is reserved for the members of the Club. If you (plebs) partake in something reserved for members of the Club without belonging to the Club, there will be endless punishment to suffer.

[AtW]

It's the law - gift your stuff to somebody (including trust), live 7 more years and there is no IHT.

IMHO there should be no IHT in the first place.

[Not Losing Any Sleep]

It's the law - gift your stuff to somebody (including trust), live 7 more years and there is no IHT.

IMHO there should be no IHT in the first place.

Couldn't agree more! When you think about it for a minute the 7 year gifting rule is pretty arbitrary and is more realistic for the very wealthy. I sure don't intend leaving any money to HMRC when I die!