Omega Owners Forum

Please login or register.

Login with username, password and session length
Advanced search  

News:

Please check the Forum Guidelines at the top of the Newbie section

Pages: [1] 2 3  All   Go Down

Author Topic: Ultra rich tax avoidance  (Read 645 times)

0 Members and 1 Guest are viewing this topic.

Varche

  • Omega Lord
  • *******
  • Offline Offline
  • Gender: Male
  • middle of Andalucia
  • Posts: 9745
  • Emeritus Omega owner, Looking for the impossible
    • 2.0 Hdi 4x4 bus and Corsa
    • View Profile
Ultra rich tax avoidance
« on: 06 November 2017, 22:59:29 »

Surprised no one has kicked off a thread about this.

I blame the politicians....

As for the queen, I bet she is mad as hell that her well paid advisers didnt cover her tracks properly.

What do you think? Is it right that the little people pay tax whether they can afford it or not but the rich can avoid it.
Logged
My doctor has diagnosed me as paranoid. I wonder who else he has told?

Doctor Gollum

  • Omega Lord
  • *******
  • Offline Offline
  • Gender: Male
  • In a colds and darks puddleses
  • Posts: 7370
  • If you can't eat them, join them...
    • Feetses.
    • View Profile
Re: Ultra rich tax avoidance
« Reply #1 on: 06 November 2017, 23:06:07 »

The percentages are only viable with large sums. Thesis why it is difficult for normal people to invest in a tax efficient manner.

As for right or wrong... Put the shoe on the other foot then moan about it...
Logged
Onanists always think outside the box.

hotel21

  • Administrator
  • *********
  • Offline Offline
  • Gender: Male
  • The Kingdom of Fife
  • Posts: 12919
    • View Profile
Re: Ultra rich tax avoidance
« Reply #2 on: 06 November 2017, 23:07:38 »

Itís a variation of the age old saying.....

Rules and regulations are for the observance of fools and the guidance of the wise......

If you won the euro millions next week would you religiously pay your cut to HMG or look to keep as much as possible for as long as possible?

Hand on heart, if I won I know the path me and my team of financial advisers would march down..... 
Logged

ronnyd

  • Omega Baron
  • ******
  • Offline Offline
  • Gender: Male
  • Bury St Edmunds Suffolk
  • Posts: 3205
    • 51 CDX 2.2 saloon gold
    • View Profile
Re: Ultra rich tax avoidance
« Reply #3 on: 06 November 2017, 23:08:01 »

Robbing barstewards, but, if we could do it ,we would. ;D
Logged

Varche

  • Omega Lord
  • *******
  • Offline Offline
  • Gender: Male
  • middle of Andalucia
  • Posts: 9745
  • Emeritus Omega owner, Looking for the impossible
    • 2.0 Hdi 4x4 bus and Corsa
    • View Profile
Re: Ultra rich tax avoidance
« Reply #4 on: 06 November 2017, 23:18:09 »

Funnily enough i would pay Hacienda(Spanish tax man) tax on a big euro millions win. I won 8 euros a few weeks back and wont bother filing that next time. I suspect they only bother on wins you cannot get paid in the local outlet.

What about these global companies that pay miniscule taxes.? Was it Dewhurst the butchers that started that trend.
Logged
My doctor has diagnosed me as paranoid. I wonder who else he has told?

Migv6

  • Omega Baron
  • ******
  • Offline Offline
  • Webs End.
  • Posts: 3186
    • 3.2 Elite & Merc 190D.
    • View Profile
Re: Ultra rich tax avoidance
« Reply #5 on: 06 November 2017, 23:23:07 »

Don't blame them. Never give politicians any more of your money than you absolutely have to. They will waste almost all of it, if not all of it.
Logged
Wish I didn't know now, what I didn't know then.

STEMO

  • Omega Lord
  • *******
  • Offline Offline
  • Gender: Male
  • Up North
  • Posts: 7163
    • Astra 2.0 diesel
    • View Profile
Re: Ultra rich tax avoidance
« Reply #6 on: 07 November 2017, 06:39:23 »

I grew up in a culture where you worked very hard to earn your crust, if you didnít turn up for work, there was always someone to take your place.



Apart from Monday morning, when I had to sign on.  ;D

Whatís the difference?
Logged
If you are offended by anything I post, sorry. Just thought I'd get that in now.

BazaJT

  • Omega Baron
  • ******
  • Offline Offline
  • Gender: Male
  • SLady bitshorpe N.Lincs.
  • Posts: 3940
    • Omega 3 litre Elite
    • View Profile
Re: Ultra rich tax avoidance
« Reply #7 on: 07 November 2017, 07:47:58 »

That's going back some years Varche! iirc Dewhursts[a big name at the time]paid £1 in tax and there was quite a stink kicked up about it.Tax avoidance is legal,tax evasion is not,if I had all those millions would I go the avoidance route?You bet your life I would!!
Logged

TD

  • Omega Knight
  • *****
  • Offline Offline
  • Gender: Male
  • Swindon
  • Posts: 1012
    • Ford
    • View Profile
Re: Ultra rich tax avoidance
« Reply #8 on: 07 November 2017, 07:56:27 »

Funnily enough i would pay Hacienda(Spanish tax man) tax on a big euro millions win. I won 8 euros a few weeks back and wont bother filing that next time. I suspect they only bother on wins you cannot get paid in the local outlet.

What about these global companies that pay miniscule taxes.? Was it Dewhurst the butchers that started that trend.

Don't know about Spanish tax laws, but in the UK you don't pay tax on gambling wins, only on the interest it earns from account its in, if you put it in a UK account.  :y
Logged

Mister Rog

  • Omega Knight
  • *****
  • Offline Offline
  • Gender: Male
  • Wales
  • Posts: 1729
    • Volvo XC70
    • View Profile
Re: Ultra rich tax avoidance
« Reply #9 on: 07 November 2017, 08:31:03 »

Robbing barstewards, but, if we could do it ,we would. ;D

Well, exactly. And, as for all the fuss about British territories (Bermuda,IOM, Jersey etc) If they didn't do it somebody else will, and all that cash sloshing around can't be bad for the local economy.

BTW . . . . . I wonder where Opti keeps his stash ?
Logged
ďThe desire to be a politician should bar you for life from ever becoming one.Ē Billy Connolly

Sir Tigger QC

  • Omega Queen
  • ********
  • Offline Offline
  • Gender: Male
  • West Dorset
  • Posts: 12747
    • BMW 530d & Mundano Tit X
    • View Profile
Re: Ultra rich tax avoidance
« Reply #10 on: 07 November 2017, 10:51:40 »

The fault lies entirely with the tax authorities around the world and if tax structures were simpler globally it would be harder for the big companies and wealthy individuals to avoid paying up.  The bottom line should be that tax is payable in the country where the profit is made or money earnt, and practices like basing yourself in a low tax regime to avoid paying tax in a high tax regime should be outlawed.  ::)

This issue periodically rears it's ugly head though and it's usually the BBC, Guardianistas and assorted lefties who shout and squeal about tax avoidance, which is entirely legal.  ;)  If people are engaging in legal practices to limit their tax exposure then good luck to them I say, but if their activities are illegal then they should face the full force of the law whether they are Apple Inc or Joe Bloggs down the road who 'forgot' to put his saturday work down on his tax return.  ;)
Logged
RIP Paul 'Luvvie' Lovejoy

JC is not The Messiah, he's a very naughty boy!!

Field Marshal Dr. Opti

  • Omega Queen
  • ********
  • Offline Offline
  • Gender: Male
  • South Lincolnshire
  • Posts: 19016
  • Isn't she lovely.
    • Signum 2.8 T & Jaguar XFR
    • View Profile
Re: Ultra rich tax avoidance
« Reply #11 on: 07 November 2017, 12:01:33 »

Here is my take on tax.

The unemployed pay none and rightly so.

The 'working poor' pay relatively little because they don't earn much, but a relatively large amount in percentage terms. There is also millions of the 'working poor' so the tax take is large.

The middle earners take the brunt.They earn enough to pay plenty of tax but not enough to avoid or evade tax.

The rich pay some tax, but not as much as they should due to dodgy tax avoidance schemes and smart accountants. :(

The super rich, be it individuals or corporations, pay virtually nothing. They are above the law, or the law is changed specifically so they don't pay tax. :(


.......in the words of Wolfie Smith. COME THE REVOLUTION. :)

« Last Edit: 07 November 2017, 12:05:33 by Field Marshal Dr. Opti »
Logged

Field Marshal Dr. Opti

  • Omega Queen
  • ********
  • Offline Offline
  • Gender: Male
  • South Lincolnshire
  • Posts: 19016
  • Isn't she lovely.
    • Signum 2.8 T & Jaguar XFR
    • View Profile
Re: Ultra rich tax avoidance
« Reply #12 on: 07 November 2017, 12:08:55 »

Surprised no one has kicked off a thread about this.

I blame the politicians....

As for the queen, I bet she is mad as hell that her well paid advisers didnt cover her tracks properly.

What do you think? Is it right that the little people pay tax whether they can afford it or not but the rich can avoid it.

No.
Logged

jimmy944

  • Omega Knight
  • *****
  • Offline Offline
  • Gender: Male
  • Kidderminster
  • Posts: 1796
    • Swedish soot chucker
    • View Profile
Re: Ultra rich tax avoidance
« Reply #13 on: 07 November 2017, 12:55:56 »

The point about corporations is a valid one and one that has to be addressed at a government level. UKPLC have all sorts of levers that they could pull, which would garner an acceptable tax take but choose not to. All this bleating and whining from them about how companies need to "pay their fair share" is preposterous and basically amounts to asking companies to voluntarily structure their affairs to pay more tax than the law requires of them. 

Take facebook as an example, say they have worldwide profit before tax of £1bn and 10% of their users are UK based (both totally fictitious numbers), what do you suppose would happen if the government said to facebook "give us £1bn x 10%(uk users) x 19% (UK corporation tax rate) or we'll block your access to UK citizens and the revenue they generate, because that's what we think is a fair amount of tax to pay"? Hardly an unpopular move politically and FB would soon cough up rather than lose UK revenue. Yes there is scope for tit-for-tat deductions by other countries, but ultimately you would end up at a point where if you "in reality" generate revenue in a country, you pay tax there. Hardly the worst situation in the world, and would put big companies on the same footing as your local corner shop. Maybe you have to assess big corps on a case by case basis,but HMRC already do that with the various wierd and wonderful schemes they come up with to avoid tax.

All private companies exist for the benefit of their shareholders and voluntarily paying more tax than they need to is in direct conflict with a company director's overriding directive to deliver shareholder value. Its the same with wages, company directors should, under their remit, pay as little as possible to effectively deliver shareholder value. Now minimum wage laws, the power of unions etc all play into what that minimum number looks like, but as a society we shouldn't be asking company directors to not do their jobs properly. It is the role of the government to legislate as to what companies can and cannot do.
Logged

Doctor Gollum

  • Omega Lord
  • *******
  • Offline Offline
  • Gender: Male
  • In a colds and darks puddleses
  • Posts: 7370
  • If you can't eat them, join them...
    • Feetses.
    • View Profile
Re: Ultra rich tax avoidance
« Reply #14 on: 07 November 2017, 13:29:30 »

After listening to Mr Whine for the last half hour, that's the most sensible thing I have heard, (read ::)) on the the matter  ;)

If you only have a modest pot, then you want it to be as efficient as possible. If you have more money than God, then it automatically becomes more efficient due to scale, the percentages remain the same, but the saving is relatively exponential... The ultra rich should be judged by what they do with the money, not how they store it.

Invariably they employ a large number of people, set up bursary funds or foundations or invest in making other people's lives better.

Yes, there's the occasional Philips Green out there... He should be stripped of his wealth and have it redistributed proportionately across the BHS payroll >:( but the majority do good things ;)
Logged
Onanists always think outside the box.
Pages: [1] 2 3  All   Go Up
 

Page created in 0.099 seconds with 16 queries.