Revenue inspectors blitz on tax havens.

[Expounder]

The HM Revenue and customs are conducting a blitz on scams thought up by scheming accountants advising clients how best to avoid tax payments on city bonuses ahead of the 50p income tax rate by using tax evasion and aggressive, but legal tax avoidance.

Thousands of high earners are involved in these practices including high profile media commentators and sportsmen who have an interest in rubbishing the government the whilst in the process of acting as neutral interviewers and interviewees.

At last a concerted effort is being waged against these high profile sports and business tax avoidance/evaders who almost to a man/woman are rooting for a Tory government whom they expect to ensure the continuance the tax avoidance/evasion scheme as most of the Tory front bench and wealthy MPs are already benefiting from the lax tax arrangements. .

While every Penney is squeezed out of PAY Earners and small business's struggling to survive to fund the country's debt these high fliers have been sticking two fingers up at the rest of us and the HMRC and blackmailing us with the threat that if they were taxed at the correct rate they would move their wealth into overseas tax havens to the detriment of Britain's economy.

It seems their bluff has been called. Read the links.


http://www.guardian.co.uk/business/2...rackdownCheer-

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[Midas]

The HM Revenue and customs are conducting a blitz on scams thought up by scheming accountants advising clients how best to avoid tax payments on city bonuses ahead of the 50p income tax rate by using tax evasion and aggressive, but legal tax avoidance.

I think you've made the important point when you said "...but legal tax avoidance." The number of instances of tax evasion in professional schemes is minute, and even when it does occur, it's usually because of a technicality in some exceedingly complex legislation. Within the industry it's estimated that in excess of 95% of all tax evasion is carried out by the self-employed or small businesses who either take cash for jobs which doesn't then go through the books, or by falsified accounting and the under-declaration of income and profits; most of these people are far from high profile or wealthy, more typically representing the average working/lower middle class profile. That would appear to be the elephant in the room you constantly choose to ignore when discussing this subject.

If a scheme is legal, it's legal, period. You're not telling me that the Inland Revenue won't seek out every single loophole and devious means they can in order to extract often excessive amounts of tax from people are you? If they can do it, why shouldn't people use exactly the same laws to protect themselves?

[Expounder]

I think you've made the important point when you said "...but legal tax avoidance." The number of instances of tax evasion in professional schemes is minute, and even when it does occur, it's usually because of a technicality in some exceedingly complex legislation. Within the industry it's estimated that in excess of 95% of all tax evasion is carried out by the self-employed or small businesses who either take cash for jobs which doesn't then go through the books, or by falsified accounting and the under-declaration of income and profits; most of these people are far from high profile or wealthy, more typically representing the average working/lower middle class profile. That would appear to be the elephant in the room you constantly choose to ignore when discussing this subject.

If a scheme is legal, it's legal, period. You're not telling me that the Inland Revenue won't seek out every single loophole and devious means they can in order to extract often excessive amounts of tax from people are you? If they can do it, why shouldn't people use exactly the same laws to protect themselves?

From what I read in the link [I presume you also read it] there is a new determined move afoot at the HMRC to examine more closely the methods used by " professional advisers who have a host of questionable strategies to help high earners to keep as much of their income as possible. But the Revenue is "fighting fire with fire". If you haven't read it or only partially read it I suggest you read and digest. I think they mean business. With much of the "legal" tax avoidance there's a fine line between avoidance and evasion many of these advisors are pushing the boundaries and skating on thin ice.