Camerons dad and his off shore tax haven

[Jaymo]

Was wondering who got dads dirty cash ,I hope it is traced . However legal , it stinks to high heaven .

Not dirty if the scheme was legal at the time............

 

Have you ever won any money on a raffle or such like? A relative leave you some inheritance? PPI from them nasty Banks or a Whiplash injury! Did you declare it....... Didn't think so

Edited April 5, 2016 by Jaymo

[SNS]

So where has the Late Mr Cameron's money gone ? Local donkey sanctuary ? Rebekah Brookes riding school ?Floated further offshore ? Please don't try to equate this cynical sleight of hand with the £5 you give the window cleaner . This is the sort of money that could open hospitals or protect the steel industry if they had policies to do so .

You can't equate them - the offshore cash is / was legal. I think you are suggesting the £5 is cash in hand and no tax declared in which case it is illegal.

[SNS]

I know it will disappoint many on here but by far and away the largest part of the tax gap isn't down to rich tax avoiders but out and out criminality https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/470540/HMRC-measuring-tax-gaps-2015-1.pdf

[oowee]

I know it will disappoint many on here but by far and away the largest part of the tax gap isn't down to rich tax avoiders but out and out criminality https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/470540/HMRC-measuring-tax-gaps-2015-1.pdf

Thx for this it makes interesting reading. SME's play a big role. It must be the window cleaners

[pjw4233]

Mountain out of a mole hill, most of these practices were within the law at the time and David Cameron has done more than previous Prime Ministers to close the loop holes.

 

What is needed is a fairer tax system i.e. one low rate of income tax for all that doesn't penalise success or hard work. That way there will be less incentive to hide earnings and income tax receipts may increase.

 

If past Governments where more realistic with their spending plans instead of implementing "tax and spend" polices and throwing money at Welfare and corrupt overseas projects people again would be more willing to pay tax.

 

Finally Corporation Tax should be abolished. If large multinational companies want access to the 5th largest economy in the World (which they do) they should pay a small percentage of Sales Tax on all sales made within this country instead of siphoning it abroad.

[Danger-Mouse]

Not dirty if the scheme was legal at the time............

 

Have you ever won any money on a raffle or such like? . . . Did you declare it....... Didn't think so

 

Yup, won about £1500 a couple of weeks ago and another £100 the last couple of nights. Both wins from poker. Haven`t declared either, nor will I.

 

Fortunately poker and prizes such as you have mentioned, ie gambling, are non-taxable.

[Jaymo]

DM.

I do apologise for using gambling as unless your make your Profession from it then No, your not taxed on it. ( of course if your in Benefits then it must be declared but not to HMRC)

PPI and large inheritances on the other hand do ( personal experience of those)

[Danger-Mouse]

DM.

I do apologise for using gambling as unless your make your Profession from it then No, your not taxed on it. ( of course if your in Benefits then it must be declared but not to HMRC)

PPI and large inheritances on the other hand do ( personal experience of those)

 

No apology necessary Jaymo

 

However, that`s not entirely true either. Winnings from gambling are not subject to taxes in this country. A professional poker player who receives no financial help from others, ie one who doesn`t receive free entries into tournaments or any other form of staking or sponsorship can earn as much as he likes from playing and doesn`t have to pay a penny in taxes from those winnings. They would only have to pay taxes on endorsements or other income.

 

The reasons for this are very simple. The minute HMRC declares that a professional gambler can be taxed on his winnings they open up the opportunity for the gambler to write off his losses against his tax. Here that is regarded as too much trouble.

 

Similarly, as far as I can tell, winnings need not be declared whilst on benefits unless the amount won takes you over the threshold for savings that must be declared (16k iirc). Gambling winnings are not classed as income.

[krugerandsmith]

So where has the Late Mr Cameron's money gone ? Local donkey sanctuary ? Rebekah Brookes riding school ?Floated further offshore ? Please don't try to equate this cynical sleight of hand with the £5 you give the window cleaner . This is the sort of money that could open hospitals or protect the steel industry if they had policies to do so .

 

Dave says he has savings from which he draws interest ...... Wish he would tell me what Bank or Building Society he uses as mine gives B....r all.

[norfolk dumpling]

Although I'm a big fan of DC something here doesn't add up. When he got the job and MP's wages were under scrutiny it was mentioned he had a personal fortune of £30m - was that a lie? Or was that what he inherited? Perhaps the 'savings' and 'house' are the £30m passed doesn't to him by dad? Sam Cam is of course part of a wealthy family!

[buze]

Regardless of what the legality of the system is/was, it still means his Eton scholarship was paid with dirty money...

[SNS]

Regardless of what the legality of the system is/was, it still means his Eton scholarship was paid with dirty money...

Sorry to be a pedant about this, but if it was legal to hold the money offshore, and tax was accounted for pursuant to the legislation in place at the time, then how can it be dirty money ?

[MrM]

Regardless of what the legality of the system is/was, it still means his Eton scholarship was paid with dirty money...

 

That statement doesn't really make any sense. His Eton Exhibition Scholarship meant he had a reduction in fees.

Edited April 6, 2016 by MrM

[JRDS]

Mountain out of a mole hill, most of these practices were within the law at the time and David Cameron has done more than previous Prime Ministers to close the loop holes.

 

What is needed is a fairer tax system i.e. one low rate of income tax for all that doesn't penalise success or hard work. That way there will be less incentive to hide earnings and income tax receipts may increase.

 

If past Governments where more realistic with their spending plans instead of implementing "tax and spend" polices and throwing money at Welfare and corrupt overseas projects people again would be more willing to pay tax.

 

Finally Corporation Tax should be abolished. If large multinational companies want access to the 5th largest economy in the World (which they do) they should pay a small percentage of Sales Tax on all sales made within this country instead of siphoning it abroad.

Or maybe he just gives it lip service whilst in reality lets the largest tax avoiding companies write off their tax debts with miniscule payments and does zero to pursue wealthy individuals who avoid tax whilst at the same time screwing those who have to PAYE with ever increasing levels of taxation such as the latest reduction on Company Pension tax relief which has just cost me an extra £40 a month on top of the £1100 I already pay.

[norfolk dumpling]

I suspect from what I heard yesterday - 'experts' on tax avoidance etc - this is very much like trying to herd cats ie impossible. One comment was that between 70 & 80% of the worlds wealth is hidden away from governments and of course the tax systems. The names already highlighted include several world leaders. Tories have tried to close a few loopholes but I suspect no government can do more.

[SNS]

Or maybe he just gives it lip service whilst in reality lets the largest tax avoiding companies write off their tax debts with miniscule payments and does zero to pursue wealthy individuals who avoid tax whilst at the same time screwing those who have to PAYE with ever increasing levels of taxation such as the latest reduction on Company Pension tax relief which has just cost me an extra £40 a month on top of the £1100 I already pay.

I'm confused. You want the Govt to stop tax avoidance. But when they seek to limit some of it, by limiting tax deductibility of pension contributions (after all paying into a pension reduces your tax bill just like all other legitimate tax planning), you are then outraged ?

[JRDS]

I want everyone eligable to pay not just those who PAYE so the burden is spread not imposed on a certain group at ever increasing levels, what is confusing about that why should myself and other taxpayers subsidise the rich so they can avoid taxation?!! Do you condone the rich avoiding tax? Cameron has just issued a statement saying that he and his family will not benefit from off shore dealings 'IN THE FUTURE' those 3 words say it all don't they.

Edited April 6, 2016 by JRDS

[SNS]

But the burden isn't evenly spread- see my earlier post. Just 300,000 or so individuals pay over 25% of all the income tax collected in the Country. As I keep trying to point out, by far and away the biggest cause of the tax gap is criminality, not tax avoidance by the rich or the large corporates

[JRDS]

That maybe but two wrongs don't make a right, they should be clamping down on it at every level. Its the hypocracy of Cameron, Osborne and their ilk that really get my goat. Do as I say and not as I do.

Edited April 6, 2016 by JRDS

[AVB]

The fact is if you PAYE then you are screwed as income is taxed at source. The only way to really take advantage of legal tax avoidance (other than the basics of pension etc) is to be able to generate income outside of PAYE. This generally involves 'running' a business. Take football players, tv celebs etc. They don't just get paid via PAYE they funnel their income via a company. Then there are more options available to you.

 

The option is there for anybody to run their own business if they want with the associated perks and headaches that comes with it.

 

FYI I don't run my own company. I could but for a number of reasons have always been an employee on PAYE.

[buze]

The fact is if you PAYE then you are screwed as income is taxed at source. The only way to really take advantage of legal tax avoidance (other than the basics of pension etc) is to be able to generate income outside of PAYE. This generally involves 'running' a business. Take football players, tv celebs etc. They don't just get paid via PAYE they funnel their income via a company. Then there are more options available to you.

 

The option is there for anybody to run their own business if they want with the associated perks and headaches that comes with it.

 

FYI I don't run my own company. I could but for a number of reasons have always been an employee on PAYE.

 

Actually I have my own LTD company, and yes I use it to PAYE myself, and to take dividends and so on, in a 'tax efficient' way, if possible. I still pay a LOT of taxes. WAY more taxes than the megacorps who play the 'double irish duch sandwitch' like google and fecebook.

 

People think that it's just for tax avoidance, but it's not the case, not everyone is a footy or a megacorp -- in my case it's because I work with quite a few clients as consultant; and they can't possibly put me on their payrolls, so I invoice them. And I use the LTD also as a front for a small consultancy, so I can hire from a poll of people I could need for a project -- again, I wouldn't put them on MY payroll for the same reason, because it's like 1 month to 6 months.

 

Beleive it or not, the work market is changing, the days of 'permanent employee' is pretty much over in quite a few lines of industries, and you need to adapt to it.

 

Personally I like it, I feel like a mercenary, I can hop on/off projects without having to deal with the (often toxic) company subcultures, and I can choose when/if I want my holidays etc without having a petty minded boss to deal with.

[MrM]

 

Actually I have my own LTD company, and yes I use it to PAYE myself, and to take dividends and so on, in a 'tax efficient' way, if possible. I still pay a LOT of taxes. WAY more taxes than the megacorps who play the 'double irish duch sandwitch' like google and fecebook.

 

 

But as you rightly say, paying yourself dividends instead of declaring all your drawings as salary is tax avoidance, so is that also dirty money?

Edited April 6, 2016 by MrM

[AVB]

 

Actually I have my own LTD company, and yes I use it to PAYE myself, and to take dividends and so on, in a 'tax efficient' way, if possible. I still pay a LOT of taxes. WAY more taxes than the megacorps who play the 'double irish duch sandwitch' like google and fecebook.

 

People think that it's just for tax avoidance, but it's not the case, not everyone is a footy or a megacorp -- in my case it's because I work with quite a few clients as consultant; and they can't possibly put me on their payrolls, so I invoice them. And I use the LTD also as a front for a small consultancy, so I can hire from a poll of people I could need for a project -- again, I wouldn't put them on MY payroll for the same reason, because it's like 1 month to 6 months.

 

Beleive it or not, the work market is changing, the days of 'permanent employee' is pretty much over in quite a few lines of industries, and you need to adapt to it.

 

Personally I like it, I feel like a mercenary, I can hop on/off projects without having to deal with the (often toxic) company subcultures, and I can choose when/if I want my holidays etc without having a petty minded boss to deal with.

So you are in simple terms a hypocrite. You critisised Cameron's father for legally playing the game and avoiding tax and you admit you have done the same thing (via dividends). The only difference is he did it a different way for larger amounts.

[Thunderbird]

Where's Kdubya when you need him eh?

[islandgun]

Where's Kdubya when you need him eh?

he will be paying as much tax as possible