IS There A Legal Way Of Hiding Money From The Government?

consumer23

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

jon3001

consumer23 wrote: »

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

So where are you planning on sticking it up?

Rollinghome

consumer23 wrote: »

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

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.

talexuser

consumer23 wrote: »

Hi, Is hiding money legal?

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.

gt94sss2

consumer23 wrote: »

I have heard of various ways of hiding money away from the Government which would mean you would pay less tax

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

gt94sss2 wrote: »

examples of these could be saving money in ISAs or making pension contributions on which you get tax relief.

In both the above cases, BIG BROTHER is watching you. There is no way of hiding, we know what you are up to. :eek:

atush

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

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

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

talexuser wrote: »

If governments really wanted to clamp down on the powerful avoiding tax, the tax havens could be sanctioned to change tomorrow. They don't.

"Sanctionned to change". yes they are Dude.