Re: Tax havens exposed in huge law firm leak
 

From the Telegraph:

Live Panama Papers: Tory peers, former MPs and party donors implicated in tax haven leak as David Cameron told to take 'real action'

Happier?

Re: Tax havens exposed in huge law firm leak
 

How is this all that different from the likes of Mick Jagger, Bono, and Sting funnelling their money from intellectual property rights into Dutch companies? They are avoiding tax. Which means that the Dutch based company has more cash to invest elsewhere. The money those investments earn then have Dutch tax applied to them. If money from the company is then transferred to the person, then they pay tax on it. IIRC Sting transferred a chunk from his Dutch company in 2010 in to avoid the Labour tax increase from 45% to 50%.

Companies like hedge funds will also use the same principle but with tax havens. The income that is generated internally by the company is tax free, but once any income is sent out to the shareholders it is then taxed at the appropriate rate for that person. Money originally invested in the hedge fund is likely to have been taxed already.

Re: Tax havens exposed in huge law firm leak
 

Not at all. They all need a good kicking. However, watching the Grauniad tutting and shaking its head over all this leaves a sour taste in my mouth.

Re: Tax havens exposed in huge law firm leak
 

Love the way the Guardian are covering their asses on this one - "we'll make it sound bad, but will stress that nothing illegal can be proved". Some quotes from the Guardian article

Re: Tax havens exposed in huge law firm leak
 

Totally agree.

Re: Tax havens exposed in huge law firm leak
 

Re: Tax havens exposed in huge law firm leak
 

The reason it is embarrassing for Cameron is the "all in it together bit". If he had just said:

.. then fair enough ..

Re: Tax havens exposed in huge law firm leak
 

You're missing my point - they cannot find anything illegal in the Blairmore link, so they are covering their asses with the caveats I highlighted (whilst overlooking that Guardian Media Group has between £300 and £500 million in assets in Cayman Islands accounts - a tad hypocritical of them, I think...).

Re: Tax havens exposed in huge law firm leak
 

I agree but I am not suggesting anything is illegal here ..

Re: Tax havens exposed in huge law firm leak
 

So if there is nothing illegal, why is the Guardian making such a fuss over Blairmore?

Re: Tax havens exposed in huge law firm leak
 

Sadly it has been happening since the year dot and will continue to happen well after we are gone as well.

Re: Tax havens exposed in huge law firm leak
 

Well, here's hoping the information is given to various tax authorities (including HMRC and IRS), so if illegal activities have occurred, the individuals/companies can be traced, fined, and prosecuted.

Re: Tax havens exposed in huge law firm leak
 

To highlight the hypocrisy and to illuminate the levels of tax avoidance during a period when the majority of the population, who have no choice but to pay the tax demanded of them, are asked to undergo Austerity cuts ..

Re: Tax havens exposed in huge law firm leak
 

Not holding my breath on that..it's going to take years to untangle all the complexities of the info and to get to any form of prosecution..probably end up paying a derisory fine/tax bill and no jail time going by previous cases.

Re: Tax havens exposed in huge law firm leak
 

Then why didn't they highlight the hypocrisy of the Guardian Media Group having hundreds of millions of pounds in offshore Cayman Island bank accounts at the same time?