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Tax Avoiding Rich Kids

#1 by Sheldonboy , Sat May 10, 2014 8:14 pm

I am so glad that these have been caught. As a PAYE bloke for nearly 50 years we can't earn a penny without it being counted towards our tax.
http://www.dailymail.co.uk/news/article-...super-rich.html


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Last edited 05.11.2014 | Top

RE: Tax avoiding rich kids

#2 by Slow Jo , Sat May 10, 2014 8:22 pm

Heard about this on the news,they will pay their auditor to fiddle it as much as possible,they can afford to.

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RE: Tax avoiding rich kids

#3 by Sheldonboy , Sat May 10, 2014 8:26 pm

Quote: Slow Jo wrote in post #2
Heard about this on the news,they will pay their auditor to fiddle it as much as possible,they can afford to.

One thing about the Tax Laws. They use the burden of reverse proof. It's not up to the Tax Man to prove that you owe Tax, it's up to you to prove that you don't.


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RE: Tax avoiding rich kids

#4 by astwood , Sat May 10, 2014 8:27 pm

Quote: Sheldonboy wrote in post #3
Quote: Slow Jo wrote in post #2
Heard about this on the news,they will pay their auditor to fiddle it as much as possible,they can afford to.

One thing about the Tax Laws. They use the burden of reverse proof. It's not up to the Tax Man to prove that you owe Tax, it's up to you to prove that you don't.



Take That that's what the tax man is going to do

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RE: Tax avoiding rich kids

#5 by Slow Jo , Sat May 10, 2014 8:29 pm

Nice one mr astwood ,hit them where it hurts ,the pocket.

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RE: Tax avoiding rich kids

#6 by astwood , Sat May 10, 2014 8:38 pm

Quote: Slow Jo wrote in post #5
Nice one mr astwood ,hit them where it hurts ,the pocket.


We paid it all our lives why shouldn't they

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RE: Tax avoiding rich kids

#7 by Slow Jo , Sat May 10, 2014 8:41 pm

Probably been hiding it in of shore banks.

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RE: Tax avoiding rich kids

#8 by mikejee , Sun May 11, 2014 12:00 am

Unfortunately the accountants who devised the crooked scheme are not being prosecuted as they should be.


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RE: Tax avoiding rich kids

#9 by Voltman , Sun May 11, 2014 10:44 am

I don't see how they gain overall. They have to lose 66m to save paying out 20m.
Where does the money go?


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RE: Tax avoiding rich kids

#10 by mikejee , Sun May 11, 2014 11:11 am

I'm not an accountant (not a paedophile either), but as I understand it these are "tax losses" generated on paper by slippery accountants, not necessarily real losses. In some cases the "losses" claimed were five times the money actually "invested". only an accountant could claim to lose five times the money put in


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RE: Tax avoiding rich kids

#11 by Slow Jo , Sun May 11, 2014 8:44 pm

Find a good accountant ,pay him enough, hell make the figures add up to anything you want them to .

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RE: Tax avoiding rich kids

#12 by Voltman , Mon May 12, 2014 10:29 pm

What they did isn't illegal. Avoidance is ok but evasion is illegal.
I think what happened in this case is that they got special tax relief on three times the amount they "invested" in the scheme whilst there was no genuine expectation of a taxable return on their investment.


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RE: Tax avoiding rich kids

#13 by mikejee , Mon May 12, 2014 11:18 pm

I don't think everyone else would agree with you that "Tax avoidance is OK" in extreme cases. Where complicated schemes are set up by accountants for the sole purpose of avoiding tax, then it is not ok. It is only because parliament is stuffed with people with a legal or accounting background (which means they are trained to lie and deceive) that it is allowed.


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