Sponging Billionaires - Time we paid more tax

[transam]

https://www.theguardian.com/news/20...reveals-secrets-of-world-elites-hidden-wealth

As far as its been detailed what these companies and businesses are doing is legal.

The usual brigade will defend these large companies which implicitly means they want to be taxed more. There are companies making billions in tax and paying £0.

So stand up, those that defend these companies tax practices and want even lower taxation what you want is to be taxed more. So don't complain when you are.

who are the usual brigade ???

paradise papers ?? is any one actually surprised to know that the rich and famous have tax avoidance schemes and money in tax havens ???

The people that need to be taken to task are the scheister lawyers who advise and set these schemes up , most of em are probably X inland rev employees / insiders

 

[JohnD]

The people that need to be taken to task are the governments which permit such tax-dodging.

Do you think Cameron and Osborne were alone?

Why are billionaires and media oligarchs terrified of Corbyn?

 

[EFLImpudence]

The people that need to be taken to task are the governments which permit such tax-dodging.

They do not only permit it; they engineer it for that express purpose.

When will people realise?

 

[transam]

The people that need to be taken to task are the governments which permit such tax-dodging.

Do you think Cameron and Osborne were alone?

Why are billionaires and media oligarchs terrified of Corbyn?

well thats Malta down the toilet then , there entire economy is based on money laundering (allegedly)

Greece Spain

if the Uk takes direct control of jersey , IOM and all the other tax havens , they will have to have elected MP's in Parliament

 

[Notch7]

Do you think the boss of the Daily Mail, and the company that he heads, produce their paper overseas, or sell it to foreigners? No, they produce it in the UK, and sell it to UL customers, in the UK, and receive almost all their revenue, and make all their profits here. Why shouldn't they pay tax here

Perhaps they took tax advice from the Guardian media group.......

The events and magazines company Top Right Group ran up a corporation tax bill of just £200,000 despite making a pre-tax profit of £186.2m last year.

Top Right, is owned by Guardian Media Group.

 

[SirGalahad]

I prefer the wiki definition “an economic principle that advocates reducing taxes on businesses and the wealthy in society as a means to stimulate business investment in the short term and benefit society at large in the long term.”

If you work on the basis that global firms and wealthy individuals can choose where they pay taxes. Then taxing wealthy people less than your neighbor might increase the number of wealthy companies and tax payers to pay taxes with you albeit at a reduced rate.

The tax havens do i‎t to attract business that would otherwise pass them by. Those businesses in the business of helping pay their taxes locally which is money you’d otherwise miss.

There is a lot wrong in what you have written.

Our tax codes and system help them to be able to shift where they pay there tax, they earn their income in the UK but decide to offshore their profits / taxes - the UK government allows that to happen.

As I have pointed out in another thread with data from OECD the UK has low levels of capital investment - so taxing less hardly leads to high levels of investment.

Just look at any third world country - the rich hardly pay tax or invest.

Trickle down has been debunked at every level - you can keep banging on about it but unless you are the rich and wealthy?

 

[SirGalahad]

The people that need to be taken to task are the scheister lawyers who advise and set these schemes up , most of em are probably X inland rev employees / insiders

These lawyers simply apply the laws which the Government passes. The fault rests with the government for creating an environment that allows this. Remember this is all legal.

Blaming the lawyers? I can only draw two conclusions - either you don't understand the situation or are unwilling to blame the Government.

 

[transam]

These lawyers simply apply the laws which the Government passes. The fault rests with the government for creating an environment that allows this. Remember this is all legal.

Blaming the lawyers? I can only draw two conclusions - either you don't understand the situation or are unwilling to blame the Government.

blame who u like . These lawyers are parasites imho.

they spend all there time looking for some loop hole in any law or regulation & there will always be some

governments here today gone tomorrow ?? one of the few jobs were u do not need any type of qualification all u need to do is get enough smucks to vote for you , by telling em porkie pies , or being ecomnomical with the actual alatere

some of us know it and do not bother voting in this charade of democracy called a general election. Corbyn will be no different for all his noble causes

 

[IWalkLikeHimaMartian]

all u need to do is get enough smucks to vote for you , by telling em porkie pies , or being ecomnomical with the actual alatere

You are on a popularity crusade? I suspect not!

 

[motorbiking]

There will always be loopholes, its a fact of law and language. Whether its dodging a parking ticket or speeding ticked because the signs weren't compliant or paying your wages off-shore and lending it back to you. As one closes another will be dreamt up. The thing that tax payer funded agencies such as the beeb can do is get its suppliers to sign up to a code of practice that avoids tax avoidance schemes. That would be fairly easy to implement.

 

[JohnD]

Guardian

poor old notch can't decide whether to criticise tax-dodgers or not, so he mumbles nonsense.

Notch is missing the point again.

 

[Roger928]

Why are billionaires and media oligarchs terrified of Corbyn?

Probably because they know he will ruin the country.

 

[Notch7]

poor old notch can't decide whether to criticise tax-dodgers or not, so he mumbles nonsense.

Notch is missing the point again.

Poor old John

One of his dishonest debating techniques (one of quite a few), is to question motives not the argument.

Guardian media gtoup......I wonder why it likes to conduct its financial affairs in the Cayman islands

 

[SirGalahad]

Poor old John

One of his dishonest debating techniques (one of quite a few), is to question motives not the argument.

Guardian media gtoup......I wonder why it likes to conduct its financial affairs in the Cayman islands

That's interesting. Have you got details for that?

 

[SirGalahad]

Perhaps they took tax advice from the Guardian media group.......

The events and magazines company Top Right Group ran up a corporation tax bill of just £200,000 despite making a pre-tax profit of £186.2m last year.

Top Right, is owned by Guardian Media Group.

Wow quite a few errors. Either you didn't recall the facts correctly or you have them spectacularly wrong.

1. Top Right Group was rebranded as Ascential in 2015. https://en.wikipedia.org/wiki/Ascential

2. Ascential was floated on the stock Market in Feb 2016. GMG ownership stake went from 35% to 23.3%. Apax is the biggest shareholder with 38.9% down from about 66%. https://www.theguardian.com/media/2016/feb/09/guardian-and-apax-share-80m-from-ascential-flotation

3. As to Pre tax profits of £186.2m. £32.1m Nowhere neat that amount. https://www.ascential.com/~/media/F...or-docs/results-and-presentations/ar-2016.pdf

4. As to the tax charge - look on page 20 of the PDF.

The Group’s tax charge on profit from continuing operations was a credit of £13.4m (2015: £11.3m) and was made up of a current
tax charge of £4.1m (2015: £0.3m) and a deferred tax credit of £17.5m (2015: £11.6m). This comprised:
• an adjusted tax charge of £10.9m up from £4.6m in the prior year, being an effective tax rate of 17% (2015: 13%); and
• a tax credit of £24.3m (2015: £15.9m) on loss on adjusting items of £66.9m (2015: £79.9m), primarily relating to the credit
on the unwind of the deferred tax liability relating to acquired intangibles.
The effective tax rate of 17% on adjusted profit before tax benefited from £8.3m (2015: £5.8m) of further recognition of US tax
losses as a deferred asset following a later than expected change of control restriction and an increase in the value of the US
group at the point of that change of control. Absent this further loss recognition, the effective tax rate on Adjusted profit before
tax would have been 29%



Come on Notch try harder next time!

But. But. This data is from a publicly traded company with a higher level of transparency and reporting than private enterprises.