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Re: Osborne advised using financial loopholes to avoid tax and care costs.
Quote:
Originally Posted by TheDaddy
No illegal verses illegal, only difference is if you do it for a few quid you'll go to jail, aggressively do it for a few million and hmrc will accept an offer, normally after years of legal shenanigans in which the cash in question has accrued more in interest than the pittance hmrc collects
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Times
Quote:
Sports stars and businessmen face huge bills and potential bankruptcy after the taxman won a landmark victory in a £1 billion tax avoidance case.
Investors in the Eclipse 35 film partnership face tax bills of up to nine times their original investments after the Court of Appeal confirmed an earlier ruling that it was not trading.
Almost 300 wealthy investors, including Sir Alex Ferguson, the retired Manchester United manager, and Sven-Göran Eriksson, the former England football manager, poured money into the scheme. If it had worked, members could have enjoyed an average of more than £400,000 in tax relief on a personal investment of £173,000.
Instead they are now required to pay tax on loans that were part of the scheme but which they did not personally receive, leaving the average investor facing a bill of more than £1.3 million in loans and interest.
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Being billed for £1.3 million isn't balanced by £400,000 in tax relief - and it's good/right that they have been penalised, as there was no legitimate business reason for the partnership, other than to evade tax.
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