Sponging Billionaires - Time we paid more tax

[JohnD]

"The world's most profitable firm has a secretive new structure that would enable it to continue avoiding billions in taxes, the Paradise Papers show.

They reveal how Apple sidestepped a 2013 crackdown on its controversial Irish tax practices by actively shopping around for a tax haven.

It then moved the firm holding most of its untaxed offshore cash, now $252bn, to the Channel Island of Jersey."

http://www.bbc.co.uk/news/world-us-canada-41889787

 

[Notch7]

Where did you get that £186m profit?

Is this from Notch Battle Bus slogan?

https://www.theguardian.com/gnm-pre...lts-for-the-financial-year-ended-2-april-2017

Guardian media group 2012.

 

[SirGalahad]

Guardian media group 2012.

despite making a pre-tax profit of £186.2m last year.

So 2012 is last year. Notch do you have a time machine?

https://www.theguardian.com/gnm-pre...gmg-announces-full-year-results-for-2011-2012

Revenue from continuing businesses £254.4million (2011 £255.1 million)
• Revenue including share of joint venture companies Trader Media Group and Top Right Group (formerly Emap) £466.7m (2011 £466.1 million)
• EBITA, before exceptional items, including share of joint venture companies Trader Media Group and Top Right Group £48.4 million (2011 £49.6 million)
• (Loss)/Profit before taxation (£75.6 million loss) (2011 £9.0 million profit)

So where is this £186.2m....

Come on Notch.

 

[SirGalahad]

Its the guy in the middle that pays more - the little guy pays sod all anyway.

Yep and its why the only sure way to sustain GDP growth is to grow the incomes of the middle class and poor.

 

[Notch7]

So 2012 is last year. Notch do you have a time machine?

https://www.theguardian.com/gnm-pre...gmg-announces-full-year-results-for-2011-2012

Revenue from continuing businesses £254.4million (2011 £255.1 million)
• Revenue including share of joint venture companies Trader Media Group and Top Right Group (formerly Emap) £466.7m (2011 £466.1 million)
• EBITA, before exceptional items, including share of joint venture companies Trader Media Group and Top Right Group £48.4 million (2011 £49.6 million)
• (Loss)/Profit before taxation (£75.6 million loss) (2011 £9.0 million profit)

So where is this £186.2m....

Come on Notch.

It was here:
http://www.independent.co.uk/news/b...es-186m-but-pays-only-200000-tax-8675818.html

Since it was was a newspaper article it must be correct

 

[SirGalahad]

It was here:
http://www.independent.co.uk/news/b...es-186m-but-pays-only-200000-tax-8675818.html

Since it was was a newspaper article it must be correct

OMDS

Hahahahaha

Top Right, owned by Guardian Media Group and Apax Partners, landed a huge one-off windfall of £166.1m after selling its motoring research arm, CAP. Its chief financial officer, Mandy Gradden, told The Independent the profits on the sale were "exempt from tax under the substantial shareholding exemption which is available to every company in the UK

The exemption was introduced for disposals on or after 1 April 2002 to make the UK a more competitive business environment. The policy was to ensure that UK trading companies or groups could divest themselves of non-core trading activities without a corporation tax bill on gains. This would release the maximum amount of funds for reinvestment in core trading businesses, while making the purchase more attractive to the buyers through potentially lower prices. The exemption had three key components:

Also I quoted from the GMG Press Office - official report.

Notch you really have outdone yourself now.

 

[Notch7]

Its the guy in the middle that pays more - the little guy pays sod all anyway.

Income tax revenue is very top heavy, the middle guy pays the most:

The top 1% pay 27%

The top 10% pay 59%

The top 50% pay 90%

The bottom 50% pay 10%

Income tax, NIC, VAT = 62% of revenue
Corporation tax just 8%

 

[EFLImpudence]

Do we know how much disposable income remains for each of those percentages?

 

[Notch7]

Do we know how much disposable income remains for each of those percentages?

By definition, those that earn more would have more disposable income, so I cant see what that would prove.

The top 5% £70k
Top 1% £267k
Top 0.1% £990k

I guess the aim should be to have a society that allows a fair wage and opportunity at the low end, whilst not stifling ambition and entreprenurial endeavour

 

[EFLImpudence]

By definition, those that earn more would have more disposable income, so I cant see what that would prove.

Well, because:
The top 1% pay 27% of the tax sounds quite a lot, but if they received 99% of the total income and/or are still left with 99% of the total disposable income of the country then it's still not fair.
Does that include Amazon, Starbucks etc.?

The top 5% £70k
Top 1% £267k
Top 0.1% £990k

What do those figures represent?

 

[Notch7]

Well, because:
The top 1% pay 27% of the tax sounds quite a lot, but if they received 99% of the total income and/or are still left with 99% of the total disposable income of the country then it's still not fair.
Does that include Amazon, Starbucks etc.?


What do those figures represent?

They are all tax paid on personal earnings.

Top 5% of people earn £70k plus.....etc

 

[EFLImpudence]

Only 5% of people earn £70k plus ???

 

[Notch7]

Only 5% of people earn £70k plus ???

https://www.theguardian.com/inequal...tains-highest-earners-feel-about-their-income

https://www.gov.uk/government/stati...1-to-99-for-total-income-before-and-after-tax

 

[JohnD]

"Paradise Papers: Isle of Man law 'sanctioned' tax dodge
By Paradise Papers reporting team BBC Panorama
6 November 2017

The Isle of Man passed a law that would help tax evaders, documents in the Paradise Papers show.

Lawyers promoting a scheme allowing Swiss bank clients to hide their cash offered to help the authorities amend rules in November 2004.

The law was changed seven months later, amid an EU clampdown on tax dodging."

http://www.bbc.co.uk/news/world-europe-41888613

 

[motorbiking]

https://www.theguardian.com/inequal...tains-highest-earners-feel-about-their-income

https://www.gov.uk/government/stati...1-to-99-for-total-income-before-and-after-tax

The figures in the table show that the 50% and now 45 % tax band is a bit of a political gimmick. Only 1% qualify and a large chunk of those will only have a small amount subject to the top rate.
Its way better for a family unit to have 2 people on £70K than one on £160K. That doesn't feel right to me if they are legally a unit (i.e. married). I think there would be less dodgy schemes if the govt allowed sharing. A self employed person could easily hire their spouse to achieve the same.