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Old 12th February 2016, 20:58   #31 (permalink)
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Re: Nail the tax dodgers.

Quote:
Originally Posted by Jaycey View Post
Absolutely - tax avoidance is the duty of every company to ensure maximum business growth, investor return and employee security.

I think I see a few sour grapes here from people who are/were unable to take advantage of their employed situation
Adultery may no longer be illegal , but just because you can is no reason to consider it compulsory

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Old 13th February 2016, 11:25   #32 (permalink)
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Re: Nail the tax dodgers.

Quote:
Originally Posted by Jaycey View Post
Absolutely - tax avoidance is the duty of every company to ensure maximum business growth, investor return and employee security
Not sure that employee security is part of the equation but you're right about the other two.

Last edited by 429nufc; 13th February 2016 at 11:26.. Reason: Typo
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Old 12th August 2016, 15:23   #33 (permalink)
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Re: Nail the tax dodgers.

So the good old Duke has managed to save £3 Billion of IHT by using trusts, my better half says they are likely to be Succession Trusts, I asked her if Tesco sold them, she said ..............
So you can take it with you if you have enough to start with.

The Duke of Westminster likely to avoid paying billions in inheritance tax thanks to trusts | Daily Mail Online

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Old 12th August 2016, 15:29   #34 (permalink)
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Re: Nail the tax dodgers.

Nothing wrong with paying tax as long as its properly used. Its not so fair game to pay as little as possible.
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Old 12th August 2016, 16:46   #35 (permalink)
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Re: Nail the tax dodgers.

Tax dodgers are the scourge of any country ,perfect example is in Turkey and the dodging of tax by citizens , it denies the country many of its much needed services school's hospital's and infrastructure....... all the citizens are loser's in the end...

In saying that , the way the present ruling party use's the tax revenue ,I can see the reason if principled , for the reluctance to pay .......


E.G. the Diyanet’s ( Religious Affairs Directorate) budget has leapt fourfold, to 5.4 billion lira. The head has a Mercedes S500 sedan, worth 1 million Turkish Liras ($435,000) , in addition to 14 Toyota cars. Its share of government tax revenue spending has increased by about a third, and its staff has doubled, to nearly 150,000.

Its budget allocation this year alone is 40 percent more than the Ministry of the Interior and equal to those of the Foreign, Energy, and Culture and Tourism ministries combined.

The directorate oversees Turkey’s 85,000 mosques hear and abroad. It also owns and runs a 24-hour television station,, available via satellite, cable, and YouTube

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Old 12th August 2016, 16:56   #36 (permalink)
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Re: Nail the tax dodgers.

It is possible and quite legal not to pay UK Tax if you live abroad, We have lived in Turkey for twelve years and held two by five year residence permits. You are then allowed to apply for a Non Resident Status. You apply to your Tax Office in the UK and ask for a Non Resident Application form. When received you complete and send to a certain man in the Turkish tax office in Ankara. he will sign this,adding that you are libel to pay tax in Turkey.
This is then returned to you and you send it off to your lo your local tax office in the UK.

Both my wife and an English friend now pay no UK Tax except at the Bank of course ( UK ) Ian.
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Old 12th August 2016, 17:33   #37 (permalink)
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Re: Nail the tax dodgers.

Trusts have their own tax regime, they are not a free bank account. In particular they pay large amounts on capital gains and the CG allowance is half that of an individual taxpayer. Unlike an individual taxpayer a trust has no personal taxfree allowance but will pay income tax. They have their own tax returns and separate HMRC section.
Where a trust wins out is for inheritance purposes, because a trust is a separate entity which manages the assets for the settlor, (that's the original person who set up the trust) and the settlor's successors. Trustees can give or with-hold because they control the pot and the beneficiaries have no right to anything.
They started back in Norman times when the landowners going off to war or crusades would ask the local abbots or other trusted neighbours to manage their affairs until their return.
Anyone can set up a trust and the most usual way for the average Joe Soap is with a life insurance policy. If a policy is written in trust it will be paid out immediately to the trustees without having to be declared for inheritance tax.The trustees are often the beneficiaries anyway.
If there's no trust it could be taxed and also, if there's no will, it may not be paid out for a very long time. So a trust makes sense.
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Old 12th August 2016, 21:49   #38 (permalink)
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Re: Nail the tax dodgers.

I smile when I read some of this, not laughing at the posters but the irony of where my wife works.

She is fully qualified and registered with the FSA for mortgages , investments, tax inheritance & trusts and to do Wills and POA and whatever else she did (its over my head). Anyhow due to me having a spell of ill health a few years back (now sorted) although she loved the job the long hours and stress made her take stock and she decided to come out of mainstream financial services. So she went to work as a financial specialist with the post office.

Some of her clients are worth several hundred thousands £s and they have major inheritance problems

But she cannot advise them that they have a problem or indeed give any advice. Not due to her qualifications but because the post office is not registered, if she gives advice (even generic) it is a sackable offence! Despite being fully qualified.
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Old 12th August 2016, 21:57   #39 (permalink)
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Re: Nail the tax dodgers.

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Originally Posted by juco View Post
I smile when I read some of this, not laughing at the posters but the irony of where my wife works.

She is fully qualified and registered with the FSA for mortgages , investments, tax inheritance & trusts and to do Wills and POA and whatever else she did (its over my head). Anyhow due to me having a spell of ill health a few years back (now sorted) although she loved the job the long hours and stress made her take stock and she decided to come out of mainstream financial services. So she went to work as a financial specialist with the post office.

Some of her clients are worth several hundred thousands £s and they have major inheritance problems

But she cannot advise them that they have a problem or indeed give any advice. Not due to her qualifications but because the post office is not registered, if she gives advice (even generic) it is a sackable offence! Despite being fully qualified.
Juco, the fsa died years ago, now the fca, the post office financial services are now with the bank of Ireland as far as I am aware.

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Old 12th August 2016, 22:06   #40 (permalink)
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Re: Nail the tax dodgers.

Quote:
Juco, the fsa died years ago, now the fca, the post office financial services are now with the bank of Ireland as far as I am aware.
Yes I know but I still call it that and get pulled up by `her`.
Yes it is the BOI and they are a bloody joke, well actually it is probably the persons in charge of FS at the post office as not one of them has a financial qualification. The PO is on the way out, it wont exist as we know it in 2 years time.
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