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UK: Super-rich being advised how to avoid Labour tax clampdown, undercover investigation suggests
The Guardian ^ | 25th July 2024 | Simon Goodley

Posted on 07/25/2024 8:45:02 PM PDT by Cronos

The super-rich are being advised how to use a loophole in pensions investments to shelter their wealth from Labour’s clampdown on large-scale tax dodging, the Guardian can reveal.

Undercover filming by the Guardian suggests multimillionaire UK residents are being pitched offshore products said to legally protect their fortunes from inheritance tax (IHT) and capital gains tax (CGT).

At a private event held a week before the general election, the international accounting brand Baker Tilly told advisers to the ultra-wealthy how they could use offshore pension schemes to shield their clients’ fortunes from tens of millions of pounds of inheritance taxes.

...While the schemes are legal, critics argue tax avoidance is immoral and deprives the public purse of hundreds of millions of pounds that could fund vital services.

Labour has promised to renew the focus on tax avoidance by “the wealthy” to “ensure everyone pays their fair share”

(Excerpt) Read more at theguardian.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; United Kingdom
KEYWORDS:
It will be fun to watch how much labour is actually able to grab!
1 posted on 07/25/2024 8:45:02 PM PDT by Cronos
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To: Cronos

Why wouldn’t they try and protect their wealth?


2 posted on 07/25/2024 8:46:26 PM PDT by Fai Mao ( The US government is run by pedophiles and Perverts for pedophiles and perverts.)
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To: Fai Mao

They thought that income tax laws would only affect the little guy, because rich people don’t have incomes. They have revenue streams.


3 posted on 07/25/2024 8:47:57 PM PDT by Jonty30 (Trump beat Hilary in 2016. He ended her kill streak in 2024.)
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To: Cronos
While the schemes are legal, critics argue tax avoidance is immoral and deprives the public purse of hundreds of millions of pounds that could fund vital services.

If you don't hand over all your money to the government, you're immoral. LOL!

4 posted on 07/25/2024 8:50:17 PM PDT by Toddsterpatriot (TANSTAAFL)
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To: Toddsterpatriot

They’re saying it’s immoral for a person to pay their fair share.

Apparently the moral course would be to pay some arbitrary amount greater than one’s fair share.


5 posted on 07/25/2024 8:58:38 PM PDT by cockroach_magoo (No one is above the law, but some are more above the law than others.)
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To: Cronos

The real question is how can they structure the tax code so that there are loopholes that their supporters can use that nobody else can..


6 posted on 07/25/2024 9:03:26 PM PDT by jdege
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To: Cronos

my general understanding is that it is much easier for european wealthy to offshore their wealth to low tax countries

US citizens are taxed on their worldwide income

europeans are not


7 posted on 07/25/2024 9:18:08 PM PDT by joshua c
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To: Cronos

These idiots have the NERVE to act surprised? It should be obviously to ANYONE with a brain that this would happen. There’s a loophole, and the super rich will use it. Or they’ll leave.


8 posted on 07/25/2024 9:42:56 PM PDT by FrankRizzo890
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To: Cronos
While the schemes are legal, critics argue tax avoidance is immoral and deprives the public purse of hundreds of millions of pounds that could fund vital services.

Names! I want to read names!

Regards,

9 posted on 07/25/2024 9:51:57 PM PDT by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: Cronos
…critics argue tax avoidance is immoral…

Come on, be honest. They really think that disobeying government is immoral.

10 posted on 07/25/2024 9:52:00 PM PDT by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: cockroach_magoo
Apparently the moral course would be to pay some arbitrary amount greater than one’s fair share.

Bingo.

"Let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you - and why?" - Walter E. Williams

11 posted on 07/25/2024 10:15:55 PM PDT by T.B. Yoits
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To: cockroach_magoo
The Panama Papers...

11.5 million leaked encrypted confidential documents

exposed a network of 214,000 tax havens involving wealthy people, public officials, and entities from 200 nations.

Among those named in the leak were a dozen current or former world leaders, 128 public officials, politicians, hundreds of celebrities, business people, and other wealthy individuals.

____________________

The Pandora Papers...

12 million leaked documents

Exposed 35 current and former world leaders, more than 330 politicians and public officials in 91 countries, and a global lineup of fugitives, con artists and murderers.

Dates back several decades

from 14 offshore financial service providers

Revealed hidden bank accounts, corporate ownership, and PO boxes set up in tax havens like Bermuda, the British Virgin Islands, Panama, and the Bahamas. Other foreign holdings have been shown to exist in Russia, the United Kingdom, and France.

12 posted on 07/25/2024 10:29:04 PM PDT by T.B. Yoits
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To: Cronos

It’s not a “clampdowm”. It’s income redistribution by Marxists who hate private property.


13 posted on 07/26/2024 6:25:04 AM PDT by Socon-Econ (adi)
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