Tax evaders cost country more than benefits

[foxy lady 10]

I've always wondered about the efforts to tax the super rich and what they achieve.

 

Imagine a guy in his 20s. Let's call him Jenson Buitoni who drives in Formula One and earns around £20million/year. He races cars in 20 different countries, lives in Monaco and derives his income from a basic contract, multiple sponsorship deals, endorsements and prize money. He lives in Monaco because of the UK tax system. As a consequence the UK collects no income tax and most of his colossal spending raises VAT and provides income in countries other than ours.

If he were to live in the UK a very large amount of money would be spent here and attract VAT, excise duty and other UK taxes. It would also boost the takings of many UK businesses that would also pay more tax and employ more local people.

 

Now there's this other guy called Lewis Hammerton and another called David Buckham!!

[Bassman62 10]

I've always wondered about the efforts to tax the super rich and what they achieve.

 

Imagine a guy in his 20s. Let's call him Jenson Buitoni who drives in Formula One and earns around £20million/year. He races cars in 20 different countries, lives in Monaco and derives his income from a basic contract, multiple sponsorship deals, endorsements and prize money. He lives in Monaco because of the UK tax system. As a consequence the UK collects no income tax and most of his colossal spending raises VAT and provides income in countries other than ours.

If he were to live in the UK a very large amount of money would be spent here and attract VAT, excise duty and other UK taxes. It would also boost the takings of many UK businesses that would also pay more tax and employ more local people.

 

Now there's this other guy called Lewis Hammerton and another called David Buckham!!

 

This thread is about the government announcement that it is going to to start action to prevent tax avasion/avoidence by people who live and work in this country on incomes over £300k. You should be happy not carping.

Pleas keep to the topic.

[foxy lady 10]

 

This thread is about the government announcement that it is going to to start action to prevent tax avasion/avoidence by people who live and work in this country on incomes over £300k. You should be happy not carping.

Pleas keep to the topic.

 

As this is a public forum I think I will post what I see fit and not what you want me to.

I see nothing in the thread title that suggests it is a clamp down on people who live and earn in this country, but as the reason these people chose to live abroad is down to our taxation system it is perfectly relevant anyhow.

[Bassman62 10]

As this is a public forum I think I will post what I see fit and not what you want me to.

I see nothing in the thread title that suggests it is a clamp down on people who live and earn in this country, but as the reason these people chose to live abroad is down to our taxation system it is perfectly relevant anyhow.

Then start your own topic. This thread is about the government announcement that it is going to to start action to prevent tax avasion/avoidence by people who live and work in this country on incomes over £300k. You should be happy not carping.

Pleas keep to the topic.

[quisquose 10]

Since this is clearly Bassman62's thread, and nobody is allowed to have any dissenting opinions, yet most opinions so far have been dissenting, may I suggest that we just allow him to talk to himself.

 

[Bassman62 10]

Since this is clearly Bassman62's thread, and nobody is allowed to have any dissenting opinions, yet most opinions so far have been dissenting, may I suggest that we just allow him to talk to himself.

 

Why do so many anoraks try to derail topics? this topic should bring rejoicing not carping about none related things.

We had an anorak come up to us the other night in a club over a song we'd introduced (Here's another song by 'The Eagles'),"Its 'Eagles' not "The Eagles" said anorak man. "Yes of course" said our drummer followed by "Oh and by the way do you know that your hoods down?" To which I joined in saying "He doesn't but you hum it and I'll play it".

Anorak people:rolleyes:.

Edited September 20, 2011 by Bassman62

[foxy lady 10]

 

Since you are obviously an abusive little chap with a chip on his shoulder I'll not waste time on you. Taraa.

 

I think the chip is right between his shoulders and sadly accounts for why he has the brain of a potato.

[foxy lady 10]

:rolleyes:Why do so many anoraks try to derail topics? this topic should bring rejoicing not carping about none related things.

We had an anorak come up to us the other night in a club over a song we'd introduced (Here's another song by 'The Eagles'),"Its 'Eagles' not "The Eagles" said anorak man. "Yes of course" said our drummer followed by "Oh and by the way do you know that your hoods down?" To which I joined in saying "He doesn't but you hum it and I'll play it".

Anorak people:rolleyes:.

 

It isn't the world that is out of step. It is you that is out of step with the world.

[Treatment 10]

The decision in 1997 to cease allowing Pension Schemes to claim back Tax Credits on dividends had a comparatively small effect. The main reason that Pension Funds are in the brown stuff is that the FTSE 100 should be at circa 15,000, not 5,000.

[WeX 10]

do they? the money they dont pay in tax goes back eventually to the treasury by way of VAT doesn't it? while benefit cheats only ever use the treasuries money to pay for things.

 

just comparing the lost tax with the lost benefits is way too simple to make an informed decision on the matter. people who steal benefits only ever use the governments money to pay bills etc. while people who evade tax pay a hefty vat bill over time and so are paying a lot of it back anyway.

 

also, in a lot of cases people assume tax avoidance and tax evasion are the same thing and add them together, but they are very different. tax evasion is illegal, tax avoidance is perfectly legal and in some cases loop holes are created (by all governments) on purpose.

 

you'll find the figures for tax evasion are much less rather than the figures used in the press.

Edited September 20, 2011 by WeX

[foxy lady 10]

The decision in 1997 to cease allowing Pension Schemes to claim back Tax Credits on dividends had a comparatively small effect. The main reason that Pension Funds are in the brown stuff is that the FTSE 100 should be at circa 15,000, not 5,000.

 

Comparatively little!!!!!!!!!!!! It's taken around £80,000,000,000 which isn't there for investment. That compounds up to at least £100 billion that isn't in the funds. Or about £3500 out of each individual pension. That certainly stopped many people from sticking money into a private pension, and it is this lack of investment which is creating the shortfalls for people about to draw their pension.

 

On what do you base the assertion that the FTSE should be circa 15000. It started at 1000 in 1984. Are you suggesting the UK economy could have expanded 15 fold since then?

[Bassman62 10]

I think the chip is right between his shoulders and sadly accounts for why he has the brain of a potato.

So obviously you're happy that the top earners are treat differently to the lower paid and those on minimum wage.

Some strange people on this forum, upset because the rich are going to have to pay their dues in future.