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Tax avoidance after the state funeral
Comments
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Norway has a "soverieign wealth fund" worth about $1trillion.
Its inhabitants enjoy one of the highest standards of living in the world.
They also enjoy high standards of healthcare, education and public transport. As well as a generous welfare system.
Norway's "sovereign wealth" fund was built from the proceeds of north sea oil.
What I want to know is... where is our sovereign wealth fund?
... and if we haven't got one, what did maggie spend the money on?0 -
Norway has a "soverieign wealth fund" worth about $1trillion.
Its inhabitants enjoy one of the highest standards of living in the world.
They also enjoy high standards of healthcare, education and public transport. As well as a generous welfare system.
Norway's "sovereign wealth" fund was built from the proceeds of north sea oil.
What I want to know is... where is our sovereign wealth fund?
... and if we haven't got one, what did maggie spend the money on?
In fairness successive governments have also squandered it too, keeping a sick nation less sick.
It is easy to shed capital, it is much more difficult to build it."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Norway has a population of around 5 million (about the same as North London). The oil revenue does not need to be spread around much.Norway has a "soverieign wealth fund" worth about $1trillion.
Its inhabitants enjoy one of the highest standards of living in the world.
They also enjoy high standards of healthcare, education and public transport. As well as a generous welfare system.
Norway's "sovereign wealth" fund was built from the proceeds of north sea oil.
What I want to know is... where is our sovereign wealth fund?
... and if we haven't got one, what did maggie spend the money on?0 -
This reminds me of what Lord Clyde said in a tax case in the 1920s:
No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer's pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue
And in a case involving, I think, the Duke of Westminsterin the 1930s, another judge said:
Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure that result, then, however unappreciative the Commissioners of Inland Revenue or his fellow taxpayers may be of his ingenuity, he cannot be compelled to pay an increased tax....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Judges work within the law, they are not there to make policy.
Politicians, especially Prime Ministers make the law (supposedly for benefit of the public) and should provide leadership for the entire country even after they have left office.After years of disappointment with get-rich-quick schemes, I know I'm gonna get rich with this scheme...and quick! - Homer Simpson0 -
I would be interested to know how these billions were saved?
I am not really complaining about funeral as such, except in the context of her tax avoidance.
What's wrong with tax avoidance? It just means following the rules.
If you're so strongly against this, presumably you have no pension or ISA.0 -
neverdespairgirl wrote: »This reminds me of what Lord Clyde said in a tax case in the 1920s:
No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer's pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue
And in a case involving, I think, the Duke of Westminsterin the 1930s, another judge said:
Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure that result, then, however unappreciative the Commissioners of Inland Revenue or his fellow taxpayers may be of his ingenuity, he cannot be compelled to pay an increased tax.
It's just hypocrisy, almost everyone with savings avoids tax through having a pension or ISA.
The test is simple, do you follow the law or not? I you don't you deserve everything coming to you, if you do then you're fine.0 -
Whats wrong with tax avoidance? Surely its a bit foolish paying money for things you dont have to?
Keeps me in a job too
Well, tax avoidance is all well and good, but politicians are responsible for making the law. It is quite clear that the intention of politicians of all major parties, including the tory administration headed by thatcher, is that inheritance tax should be levied on the estates of UK domiciled individuals.
I am personally not comfortable with politicians who abide to the letter rather than the spirit of the law which they were/are personally responsible for. If you want to engage in aggressive tax avoidance via the use of loopholes (which is what this is) then don't choose to make your living in politics.
Politicians have a moral responsibility to abide by the spirit of the laws which they create or sustain IMHO.0 -
Perhaps what needs doing is changing what your friends do to make it illegal and then there would be no excuse!michael1983l wrote: »Most ordinary people? They are just as bad. I have lots of friends that work in a cash in hand enviroment and others that are self employed and all of them avoid tax, some of them legally and some of them illigally. Are they not ordinary people?
I cannot avoid tax because of PAYE but I would if I could.
So we are agreed it is not a state funeral? Instead of calling it a State funeral in all but name - of which it is not. Why do you not call it a ceremonial funeral - of which it is? There is a HUGE difference in cost.0 -
Of course you are completely missing the point that accessibility to the law and advice regarding it for tax purposes is far more easy to come by for some than others!It's just hypocrisy, almost everyone with savings avoids tax through having a pension or ISA.
The test is simple, do you follow the law or not? I you don't you deserve everything coming to you, if you do then you're fine.0
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