Reply to: Tax dodging scum

[AlfredJPruffock]

Yes thats right. Apparently he was also advised that he could structure the buyout of Arcadia to avoid paying any tax at all but chose to ensure that the company at least payed its corporation tax...

Thats quite nice of him private equity tends to structure their finances to ensure the victim takes on enough debt to put an end to ever paying tax again...

Nice people , Captains of Industry - get in with the Blairs and you dont care what the taxman says.

[bobspud]

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!

Yes thats right. Apparently he was also advised that he could structure the buyout of Arcadia to avoid paying any tax at all but chose to ensure that the company at least payed its corporation tax...

Thats quite nice of him private equity tends to structure their finances to ensure the victim takes on enough debt to put an end to ever paying tax again...

[AlfredJPruffock]

The official estimated gap between the £40bn corporation tax collected by HM Revenue & Customs in 2005 and "the theoretical tax liability if all taxpayers complied with the letter and the spirit of the law was somewhere between £3.7bn and £13.7bn.

Heres a thought - thats a load of Wonga - ie between 3 and13 Billion.

Why not let the Jo Public-have-a go take the corporations to Tax Courts on a no-win - no fees basis and see if they can wangle a few billion back ?

Would make excellent Reality TV viewing as well.

[threaded]

Only poor people pay taxes...

It's only fair.

WHS

[AlfredJPruffock]

You have to marvel though at the sheer creativity of thse super-accountants.

The triumph of technical proficiency over social responsibility.

Those who devise wheezes to outwit the taxman argue they are only playing by the new rules of fleible capital.

Shareholder value, they say, demands no less.

And so they dream up ever more inventive strategies for sheltering their companies from tax through tangles of offshore arrangements, tax havens, registrations in multiple jurisdictions and the relocating of intellectual property in low-tax jurisdictions.

However good the inspectors at HMRC they are no match for the highly paid supremos hired in this sophisticated, quite legal, exercise in globalised accounting.


I dont know about you but this level of duplicity makes me kind of proud to be Britiish.

In a manner of speaking.


The official estimated gap between the £40bn corporation tax collected by HM Revenue & Customs in 2005 and "the theoretical tax liability if all taxpayers complied with the letter and the spirit of the law was somewhere between £3.7bn and £13.7bn.

Whom would have thought that this phase of Capitalism would have seen an emphatic return to the Robber Baron type - from Wall Street to the City of London.

Heads Computerised - meserised by the lastest job loss figured on their Plasma screens . Joe Public has been put to sleep whilst the financial terrorists walk by with their Billions.

Another Tree dies of Shame.


Wall Street Banker
San Francisco Bum
Both will Dance
When I rattle my Drum

[DodgyAgent]

I'm up for that, give me a rifle

And a white van

[AlfredJPruffock]

Yeah, but this dodge has its dis-advantages.

Bernie Eccelstone is currently going through a divorce and used the same dodge as Green and is now trying to get the money back from his wife.

Eccy Thump !!!

And some say they never pay for sex ?!!!

[Cyberman]

Only poor people pay taxes...

It's only fair.

Under Labour they do, because all of the wealthy and businesses that can, leave the country !!

[DiscoStu]

Or alternatively we could invade France again.

I'm up for that, give me a rifle

[scooterscot]

I thought only the little people paid taxes?

Its only fair.....

Only poor people pay taxes...

It's only fair.

[Clippy]

The money is better spent by Philip Green than it is by any govt department.

Which is better?

keeping employees of yacht builders in jobs or paying chavs not to work?

No brainer really.

Fookin' 'ell, the man talks sense.

I think we have found the new Chancellor of the Exchequer.

[Clippy]

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!

Yeah, but this dodge has its dis-advantages.

Bernie Eccelstone is currently going through a divorce and used the same dodge as Green and is now trying to get the money back from his wife.

[DodgyAgent]

If the government actually spent tax money wisely (not like this http://business.timesonline.co.uk/to...cle5636437.ece ) then there would be genuine moral and practical grounds under which people like Philip Green could be made to pay more tax.

[AlfredJPruffock]

The money is better spent by Philip Green than it is by any govt department.

Which is better?

keeping employees of yacht builders in jobs or paying chavs not to work?

No brainer really.

In fact DA- you're correct.

As the figures indicate below the amounts in question avoided by British Companies are trivial when you take into account that the Universe is rapidly expanding.

Just like the Wall Street Bonuses, these people are being rewarded with extra money simply because THEY CAN.




The official estimated gap between the £40bn corporation tax collected by HM Revenue & Customs in 2005 and "the theoretical tax liability if all taxpayers complied with the letter and the spirit of the law was somewhere between £3.7bn and £13.7bn.

[TheFaQQer]

Sir Philip Greed

Not only has he never paid a penny in tax in his life, they (New Labour) knighted the khunt (in 2006)!

Terrible.

New Labour gave Lord Ashcroft a title for doing the same thing - and he's a bloody Tory!!