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 ...
Why wouldn’t they try and protect their wealth?
They thought that income tax laws would only affect the little guy, because rich people don’t have incomes. They have revenue streams.
If you don't hand over all your money to the government, you're immoral. LOL!
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.
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..
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
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.
Names! I want to read names!
Regards,
Come on, be honest. They really think that disobeying government is immoral.
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
11.5 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.
It’s not a “clampdowm”. It’s income redistribution by Marxists who hate private property.
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