How much money is hidden away in the UK

FTBFun

chewmylegoff wrote: »

i think people already do have to disclose their tax avoidance methods - my understanding is that tax avoidance schemes are required to register with HMRC, and people using them are required to declare that they are participating on their tax returns.

That's correct - however the scheme operators are not required to disclose the mechanics of the scheme itself (although they do use this registration sometimes in their marketing, the dodgy SDLT schemes in particular).

michaels

I would be happy for people to know how much tax I pay each year.

Why is the secrecy on financial matters guarded so jealously in the UK?

shortchanged_2

michaels wrote: »

I would be happy for people to know how much tax I pay each year.

Why is the secrecy on financial matters guarded so jealously in the UK?

Probably because you are not hiding eye watering levels of tax avoidance.

Look at Jimmy Carr for example, he seems all embarrassed about his tax affairs now they are out in the public.

Lets face it many of these people simply are not paying their fair proportion of tax in relation to their earnings.

chewmylegoff

homelessskilledworker wrote: »

You have to wonder how much is hidden away in the UK

if you mean how much money is hidden away from the UK government within the UK, the answer, at least in terms of money that is held at financial institutions, is £0 (on the basis that the govt and its various agencies can access the banking records of all UK bank accounts with ease).

this of course doesn't take into account the 7 tarnished silver eagles that smeagold keeps in his nuclear bunker.

RenovationMan

shortchanged wrote: »

Probably because you are not hiding eye watering levels of tax avoidance.

Look at Jimmy Carr for example, he seems all embarrassed about his tax affairs now they are out in the public.

Lets face it many of these people simply are not paying their fair proportion of tax in relation to their earnings.

I think most people would be embarrassed about having their financial details aired in public. The way the politicians and press were carrying on, you'd think Jimmy had been burning union flags instead of using a perfectly legal scheme to reduce his tax liability.

Tax loop holes exist because this country's tax system is so complex that it's taller than a 6ft bloke when they actually print out the rules. If the government spent more time simplifying this country's tax regimes than bullying celebs then we might actually get somewhere.

As can be seen with the fiasco of the VAT tax simplification changes (which actually made things more complex), politicians haven't a clue.

chewmylegoff

RenovationMan wrote: »

I think most people would be embarrassed about having their financial details aired in public. The way the politicians and press were carrying on, you'd think Jimmy had been burning union flags instead of using a perfectly legal scheme to reduce his tax liability.

Tax loop holes exist because this country's tax system is so complex that it's taller than a 6ft bloke when they actually print out the rules. If the government spent more time simplifying this country's tax regimes than bullying celebs then we might actually get somewhere.

As can be seen with the fiasco of the VAT tax simplification changes (which actually made things more complex), politicians haven't a clue.

i can't wait to see the general anti-avoidance legislation they announced at the last budget. i bet it is more voluminous that all pre-existing tax law put together!

somethingcorporate

Why don't the government tackle actual crime first rather than "moral" (but not real) crime like tax avoidance.

It's legal and it's a failing of the law and not of the individuals using such schemes. Should we name and shame everyone with an ISA? same thing.

When there is zero crime and zero benefit fraud then let's have a go at these namby-pamby crimes but until this is illegal it is just deflecting attention from dealing with real criminals.

shortchanged_2

RenovationMan wrote: »

Tax loop holes exist because this country's tax system is so complex that it's taller than a 6ft bloke when they actually print out the rules. If the government spent more time simplifying this country's tax regimes than bullying celebs then we might actually get somewhere.

/QUOTE]

I totally agree. Tax loopholes need to be erradicated so that everyone pays a fair proportion of their income in tax.

At the end of the day, yes some of these big earners are paying huge amounts in tax compared to the rest of us, but they also are left over with huge amounts of money compared to the the majority of us.

It's nothing but greed I'm afraid.

DervProf

RenovationMan wrote: »

I think most people would be embarrassed about having their financial details aired in public.

You don't seem to mind airing your financial details in public. Having said that, you are not "most people", you are RENOVATIONMAN !!!! (said in a big, booming voice).

thescouselander

The rich are richer than ever and they're only going to keep trousering all the available money because no-one is going to stop them.

Just look at the recent banking scandals - I'll eat my sweaty trainers if there hasn't been criminal behaviour. Yet, the MPs just go on about restructuring the banks etc to obfuscate a process that will see those responsible get off scot-free. All that is needed is some swift justice with some exemplary sentences as was handed out to the rioters last year.

Basically its one law for the rich and a different one for every one else.