Hunt the Budget

[motorbiking]

I know plenty of people on modest incomes who live on boats. I came across a guy the other week who I thought needed help based on the state of his boat only to find he was happily living on it.

How much do you have in tax free ISAs or other tax efficient schemes?

 

[JohnD]

I know plenty of people on modest incomes who live on boats.

Of course you do

And unless you live in a bubble, you know a great many people who could not afford to buy one and move it to a foreign country, and move it to another country every 18 months to avoid a tax liability.

 

[carmanmemoranda]

A government approved scheme offering special tax treatment. Not tax avoidance. Dreamed up by the government, not some tax advisor. Like an ISA.

Of course its avoidance

Nobody is saying its evasion.

But don't try and kid others even if you kid yourself

 

[motorbiking]

Like an ISA you mean? A government approved scheme that is not subject to taxes that would otherwise be due.

 

[carmanmemoranda]

Like an ISA you mean? A government approved scheme that is not subject to taxes that would otherwise be due.

You can do better than that

Already told you why isa's were started. Totally different reasoning to avoiding tax on luxury purchases.

 

[motorbiking]

So it’s ok for someone to have £200k in a tax free isa stock portfolio and earn £20k per year tax free

But exporting say a used boat to the same value with the same saving is avoidance?

 

[JohnD]

So it’s ok for someone to have £200k in a tax free isa stock portfolio and earn £20k per year tax free

But exporting say a used boat to the same value with the same saving is avoidance?

Why are you pretending that avoiding tax is not tax avoidance?

 

[motorbiking]

Do you have an ISA ? Do you think it’s tax avoidance?

What about buying duty free perfume for the Mrs

Or do you think government approved schemes are different?

Do you think I should tick the box on my tax return that says have you participated in any tax avoidance schemes and the declare the link to the government approved scheme ?

 

[carmanmemoranda]

So it’s ok for someone to have £200k in a tax free isa stock portfolio and earn £20k per year tax free

But exporting say a used boat to the same value with the same saving is avoidance?

I never said its OK.

I said they are different things, for different reasons. Money will exploit both,.

If you agree that vat ( a sales tax) is a better idea than income tax, so those with more that spend more contribute more, then why would you want any scheme that avoids collecting the tax on some of those sales.

Unless of course its high value, luxury goods that only a few can have access to? Pure tax avoidance. Legal, of course.

But you know all this.

 

[JohnD]

Why are you pretending that avoiding tax is not tax avoidance?

No answer from motorbiking.

 

[carmanmemoranda]

Why are you pretending that avoiding tax is not tax avoidance?

Trying to pretend it's the same as Joe bloggs not paying tax on the few thousand he can save. Not many manage to save the full allowance in a year.

A lucky few do that and then save extra tax on luxury purchases

 

[motorbiking]

Well it’s really simple. Which is probably why you two don’t get it.

HMRC provide clear guidance on what schemes might be tax avoidance

Spot the signs of tax avoidance

www.gov.uk

Funny how they don’t mention approved schemes that allow certain exemptions.

Does a government approved scheme with specific notification forms sound like

“bending the tax rules to try to gain a tax advantage that was never intended. ”

 

[JohnD]

It's open to any low paid person, right?

Yes I of course. I start with the £100k+ I saved in French VAT

Motorbiking can't help bragging.

 

[motorbiking]

Yes anyone can benefit who wants to

Except JonathanM

 

[motorbiking]

It's open to any low paid person, right?



Motorbiking can't help bragging.

As you can see it’s not just about crowns on beer glasses