How much money is hidden away in the UK

Sapphire

homelessskilledworker wrote: »

http://www.bbc.co.uk/news/uk-politics-18949788


The government is promising to "name and shame" wealthy people who use aggressive tax avoidance schemes.

Treasury minister David Gauke will announce that finance firms will be forced to hand over details of the clients on their books.

Completely pointless exercise – these people have no shame and the politicians just want to appear as though they are doing something. They should be changing the law to get rid of all the loopholes people use. Apparently tax avoidance is costing us trillions, not even billions.

I bet the politicians (labour and conservative) and their families and cronies use tax loopholes themselves, as do corporations and wealthy individuals. That's why nothing is being done about such practices. They're all in it together.

Meanwhile the people who have relatively very low paid jobs have to support the country.:mad:

chewmylegoff

Sapphire wrote: »

Completely pointless exercise – these people have no shame and the politicians just want to appear as though they are doing something. They should be changing the law to get rid of all the loopholes people use. Apparently tax avoidance is costing us trillions, not even billions.

I bet the politicians (labour and conservative) and their families and cronies use tax loopholes themselves, as do corporations and wealthy individuals. That's why nothing is being done about such practices. They're all in it together.

Meanwhile the people who have relatively very low paid jobs have to support the country.:mad:

trillions? how could it be costing us trillions? our entire GDP is only £1.5 trillion a year or something like that.

or are you referring to the recent report that there is trillions sitting in tax havens? if so, that's not just british wealth, but the accrued wealth built up since the beginning of time that is owned by the richest people in the world. most of that money will be american.

the tax avoided or evaded by rich people is a relatively small part of the "tax gap". most estimates suggest that the biggest element of evasion by far is the VAT, national insurance and income tax evaded via the shadow/black/cash economy.

so basically anyone who pays their builders cash in hand has no right to moan about rich people not paying tax.

Nikkster

chewmylegoff wrote: »

trillions? how could it be costing us trillions? our entire GDP is only £1.5 trillion a year or something like that.

or are you referring to the recent report that there is trillions sitting in tax havens? if so, that's not just british wealth, but the accrued wealth built up since the beginning of time that is owned by the richest people in the world. most of that money will be american.

the tax avoided or evaded by rich people is a relatively small part of the "tax gap". most estimates suggest that the biggest element of evasion by far is the VAT, national insurance and income tax evaded via the shadow/black/cash economy.

so basically anyone who pays their builders cash in hand has no right to moan about rich people not paying tax.

And a Treasury minister agrees with you:
http://www.bbc.co.uk/news/uk-18964640

'It is "morally wrong" to offer to pay tradesmen in cash in the hope of avoiding tax, Treasury Minister David Gauke has said.

In newspaper interviews Mr Gauke said the practice came at "a big cost" to the Treasury and meant other people had to pay more in tax.

The government has highlighted its desire to clamp down on tax avoidance.'

grizzly1911

chewmylegoff wrote: »

the tax avoided or evaded by rich people is a relatively small part of the "tax gap". most estimates suggest that the biggest element of evasion by far is the VAT, national insurance and income tax evaded via the shadow/black/cash economy.

so basically anyone who pays their builders cash in hand has no right to moan about rich people not paying tax.

Or using auction/marketplace websites?

grizzly1911

DervProf wrote: »

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).

Similar to I am Iron Man perhaps by that refined band.

DiggerUK

mr_fishbulb wrote: »

Does this mean there will be an increase in sales of metal detectors?I'm going to be out searching for some of it. Is there a treasure map available?

But if gold isn't money, then I'm hiding nothing.

chewmylegoff

grizzly1911 wrote: »

Or using auction/marketplace websites?

Why would that make a difference? If you trade via eBay, and your turnover exceeds the VAT threshold then you have to charge output VAT. I believe Ebay itself has to charge output VAT on its auction commission, at least I remember a lot of fuss about it having to start doing so about 10 years ago.

RenovationMan

grizzly1911 wrote: »

Similar to I am Iron Man perhaps by that refined band.

LOL, I saw DervProfs post quoted in yours and had to laugh. I put him on Ignore many months back to try and help calm him down. His posts were getting ever more frantic and, to be honest extremely creepy - culminating a him making dirty remarks about my missus (no doubt while typing one handed at the keyboard).

Interesting to see how he is still trying to goad me into an argument with his occassional pathetic digs. I hear from other members that he hardly ever posts anymore (except for his digs at me) since I stopped engaging with him. It just goes to show how empty his life is and how desperate he is for contact with me 'to give his internet life a purpose again'.

As far as his comment is concerned, it gives us an insight into DervProfs nacissistic nature and how important he thinks his posts on here are if he likens a few anonymous posts on an obscure and hidden internet forum to the exposure given to a famous celebrity on national TV, radio and media outlets. Deary me, does DervProf think that our whitterings on here are being stored for prosterity and that future historians will be digging up the MSE file servers and studying his ramblings?

Or perhaps all he does reveal is that he is an underacheiver and hates those who have done better in life. Both are sad in their own way.

Bonkers. :rotfl::rotfl::rotfl: