Reply to: Cameron family fortune made in tax havens

[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

[SantaClaus]

We need retrospective legislation to close this loophole.

Yep, let's get some advice from India.

[AtW]

Point of order!

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

oh? Good point then.

[Old Greg]

We need retrospective legislation to close this loophole.

[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.

[TimberWolf]

tata...

Have you just shut down Windows?

[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

[AtW]

tata...

[TimberWolf]

But they will earn a bob or two after leaving Govt and taking directorships in all sort of companies

Since they are MPs, ain't they supposed to declare all that in the register of interests?

Bob

[AtW]

Hardly any of them earn over a million per year, or even close to it - even allowing for any income shifting.

But they will earn a bob or two after leaving Govt and taking directorships in all sort of companies

Since they are MPs, ain't they supposed to declare all that in the register of interests?

[centurian]

WHS

Most (although not all) of the cabinet millionaires are classified as millionaires because they have an expensive home.

Hardly any of them earn over a million per year, or even close to it - even allowing for any income shifting.

[NotAllThere]

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

[AtW]

And the revenue are always playing ketchup

WHS

It's very hard to ketch up with those tax cheating

[doodab]

Plausible deniability - handling tax is outsauced to capable accountants

And the revenue are always playing ketchup

[AtW]

they didn't know whether they were higher rate tax payers. All the little tax/income fiddles etc must make it quite hard to know.

Plausible deniability - handling tax is outsauced to capable accountants who'd make sure "the right amount of tax is paid".

That said surely they still need to sign tax returns so they'd know how much tax they pay?

About time such tax returns were public - if they really earned their money they should not be ashamed to say how.