Cable Forum - Tax evaders in Govt. contracts ban.

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Re: Tax evaders in Govt. contracts ban.

Quote:

Originally Posted by martyh (Post 35536791)

http://www.hm-treasury.gov.uk/tax_avoidance_gaar.htm

It would appear that efforts are well under way

this is worth a read as well

http://www.telegraph.co.uk/news/poli...loopholes.html

good to hear. However this crunch one issues those who living abroad to ovoid tax this hardest nut to crack.

not suggesting this idea not even sure it workable. The idea tax billionairres world wealth tax of 1%.

http://www.policymic.com/articles/82...n-billionaires

---------- Post added at 23:38 ---------- Previous post was at 23:25 ----------

Quote:

Originally Posted by Hugh (Post 35536784)

I think it is to stop companies undertaking proposed schemes which may be challenged - I think it is good as a deterrent, but retro-activity concerns me for the reasons danielf mentioned.

Well another solution on this ban those who instigated it from holding directorships/management roles. Punish those who instigate the evasion. Lifetime or at least first offence 10 years from being involved in any involvement in any business. That would mean extra powers to company house. Breach it can result in being jailed.

That way hurt the individuals doing the evation not the business.

Re: Tax evaders in Govt. contracts ban.

Isn't the new leader of the revenue a tax avoidance merchant with a conflict of interest still being on kpmg's board.

Re: Tax evaders in Govt. contracts ban.

Quote:

Companies involved in failed tax avoidance schemes will be banned from bidding for government contracts, under new rules published on Thursday.

So would this mean those that succeed in avoiding tax will be OK?

Re: Tax evaders in Govt. contracts ban.

Yes, because tax avoidance is legal (ISAs, Pension Contributions, etc), whilst taking part in failed tax avoidance schemes becomes tax evasion, which is illegal.

Re: Tax evaders in Govt. contracts ban.

Tax is no different to other law in the sense that at some point or another the courts are often called upon to make a determination as to whether something is legal or not. Arranging your personal and/or business affairs to minimise the tax you pay (i.e. avoid tax) is not certainly not illegal per se and there many perfectly legitimate ways to do it. It only becomes illegal when it's challenged by HMRC and the courts make a determination that it is. Evidently HMRC wins some cases in which it alleges illegality and loses others which is indicative of how complicated the subject often is. People need to think very carefully about branding all tax avoidance as illegal or even immoral because the chances are that they themselves are the beneficiaries of legitimate tax avoidance measures and they'd probably shout extremely loudly if those concessions were suddenly rendered illegal in a crusade to increase the tax take.