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  • jon3001
    • #2
    • 15th Oct 11, 11:43 PM
    • #2
    • 15th Oct 11, 11:43 PM
    P.S. I'm not talking about hiding it under a bed or in a safe either.
    Originally posted by consumer23
    So where are you planning on sticking it up?
    • Rollinghome
    • By Rollinghome 15th Oct 11, 11:46 PM
    • 1,975 Posts
    • 2,097 Thanks
    Rollinghome
    • #3
    • 15th Oct 11, 11:46 PM
    • #3
    • 15th Oct 11, 11:46 PM
    Hi,

    I have heard of various ways of hiding money away from the Government which would mean you would pay less tax, however I do not know anything more about it or where to hide it.

    Is hiding money legal? And is money safe that is hidden away?

    P.S. I'm not talking about hiding it under a bed or in a safe either.

    Thanks
    Originally posted by consumer23
    Hiding money may or may not be legal, depending on your intentions; evading tax isn't and the taxman would make your life very uncomfortable if he thought you were attempting to do that.

    The question would be: why would you want to hide money from the government if what you were doing was legal?

    Doesn't mean you shouldn't use the tax breaks available to everyone such as ISAs and your CGT allowance.
    Last edited by Rollinghome; 15-10-2011 at 11:53 PM.
    • talexuser
    • By talexuser 15th Oct 11, 11:54 PM
    • 1,819 Posts
    • 1,293 Thanks
    talexuser
    • #4
    • 15th Oct 11, 11:54 PM
    • #4
    • 15th Oct 11, 11:54 PM
    Hi, Is hiding money legal?
    Originally posted by consumer23
    Sure it is, become a multinational company, throw plenty of money at political parties, they keep lots of British dependencies as tax havens especially for you (Caymen, Bahamas etc), set up multiple subsidiaries there, channel your profits through these holding companies, make millions of profits in the UK but pay very very little, if any, tax. Then have a good laugh at your employees on PAYE paying more and more and getting less and less back in services.
    Last edited by talexuser; 16-10-2011 at 12:02 AM.
    • gt94sss2
    • By gt94sss2 16th Oct 11, 1:12 AM
    • 3,848 Posts
    • 1,724 Thanks
    gt94sss2
    • #5
    • 16th Oct 11, 1:12 AM
    • #5
    • 16th Oct 11, 1:12 AM
    I have heard of various ways of hiding money away from the Government which would mean you would pay less tax
    Originally posted by consumer23
    There is a difference between tax avoidance (which is legal) and tax evasion (which is illegal)

    Tax avoidance is not the same as 'hiding' money from the government but using tax laws/rules to your benefit - examples of these could be saving money in ISAs or making pension contributions on which you get tax relief.

    Regards
    Sunil
  • MoneySaverLog
    • #6
    • 16th Oct 11, 7:21 AM
    • #6
    • 16th Oct 11, 7:21 AM
    examples of these could be saving money in ISAs or making pension contributions on which you get tax relief.
    Originally posted by gt94sss2
    In both the above cases, BIG BROTHER is watching you. There is no way of hiding, we know what you are up to.
    • atush
    • By atush 16th Oct 11, 8:11 AM
    • 14,436 Posts
    • 8,546 Thanks
    atush
    • #7
    • 16th Oct 11, 8:11 AM
    • #7
    • 16th Oct 11, 8:11 AM
    The only reason to Hide money from the govt, is for reasons of Tax evasion, which is illegal. So the answer to your question is no.

    EVen if you do have money in an acct in a place such as the Bahamas (which as a sovereign nation chooses their own laws on tax and therefore is not 'kept as tax havens for you by British political parties') you are legally required to mention these accts and their interest esp should any of that interest income or gains ever reach UK shores on your UK tax returns.
    • talexuser
    • By talexuser 16th Oct 11, 10:49 AM
    • 1,819 Posts
    • 1,293 Thanks
    talexuser
    • #8
    • 16th Oct 11, 10:49 AM
    • #8
    • 16th Oct 11, 10:49 AM
    If governments really wanted to clamp down on the powerful avoiding tax, the tax havens could be sanctioned to change tomorrow. They don't.
    • atush
    • By atush 16th Oct 11, 12:13 PM
    • 14,436 Posts
    • 8,546 Thanks
    atush
    • #9
    • 16th Oct 11, 12:13 PM
    • #9
    • 16th Oct 11, 12:13 PM
    It is not the job of our govt to tell other countries how to run theirs. Not their job, not their electorate. Not unless their are human rights issues to address, which isn't the case in your above examples.
  • Ilya Ilyich
    Nobody's proposing changing the laws of other countries dude.
    • atush
    • By atush 16th Oct 11, 12:50 PM
    • 14,436 Posts
    • 8,546 Thanks
    atush
    If governments really wanted to clamp down on the powerful avoiding tax, the tax havens could be sanctioned to change tomorrow. They don't.
    Originally posted by talexuser

    "Sanctionned to change". yes they are Dude.
    • talexuser
    • By talexuser 16th Oct 11, 1:45 PM
    • 1,819 Posts
    • 1,293 Thanks
    talexuser
    Sorry, but you can't convince me that a) the situtation is fair to all taxpayers and b) that if governments around the world really wanted to do something about it, they couldn't.
    • atush
    • By atush 16th Oct 11, 2:18 PM
    • 14,436 Posts
    • 8,546 Thanks
    atush
    It isn't my job to convince you, nor is it for one country to stop another doing their business in whatever way they like.

    If govt wants to make it fairer to all, they can do that- in law right here. But Labour didn't and they had the majority to do it.

    The US govt laws are such that their cits can't get tax relief in tax havens like europeans can as they have tightened up rules, and made world wide income taxible in the USA. US cits living and working in britain still have to file tax returns and declare everything here to the US even though they aren't resident in the US. the UK does not do this.
  • Truepat
    There are many things you can do to avoid tax.
    35, semi retired, sun, sand, sea, life is good
    When you are done moaning remember that there are people who would love to have your standard of living!
    • jackyann
    • By jackyann 16th Oct 11, 2:58 PM
    • 2,547 Posts
    • 4,461 Thanks
    jackyann
    I'm sure there are many things you can do to avoid tax. There are many things this Government (and in fairness, many other Govts as well) does to avoid giving proper services to the people who have contributed to them.
    • atush
    • By atush 16th Oct 11, 4:50 PM
    • 14,436 Posts
    • 8,546 Thanks
    atush
    "avoid giving proper services to the people who have contributed to them"

    This has not much to do with rich people hiding money, more like you don't like how your givt spends it.

    But think twice before you throw the baby out with the bathwater. It was Labour that got us where we are, and no way will they get us out of it. They are too busy complaining about the tories and cozing up to their Union masters to actually come up with any proper ideas.
    • le loup
    • By le loup 16th Oct 11, 6:35 PM
    • 3,276 Posts
    • 2,907 Thanks
    le loup
    What bollocs you keep talking.
    Give it a rest, the man was making a non party political statement and it seems you can't let a single day go by without having a pop.
    It's not as if you even live here so STFU!
    • patman99
    • By patman99 16th Oct 11, 6:56 PM
    • 7,429 Posts
    • 8,584 Thanks
    patman99
    Consumer23 could always become a citizen of Gibralta. You don't even have to live there or own land or property, yet as far as tax is concerned, you pay nothing.
    I watched a program hosted by Piers Morgan about the rich Brits who had moved to Monaco, and he interviewed a chap from up north who had sold his string of Pharmacies for £18m, but to avoid paying UK taxes, he became a Gibraltan citizen before he wen ahead with the deal.

    It's an awful lot of fuss just to save a few quid though. My view is, you earn the money working in the UK, so you should pay your dues. If you don't pay your taxes, you should receive no benefits.
    Never Knowingly Understood.

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    • talexuser
    • By talexuser 16th Oct 11, 7:22 PM
    • 1,819 Posts
    • 1,293 Thanks
    talexuser
    If govt wants to make it fairer to all, they can do that- in law right here.
    Originally posted by atush
    Glad you finally agree with the very point I was making all along.
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